Ukraine holds extensive proven reserves of critical and strategic raw materials essential for the global energy transition, European industrial independence, and defence supply chains. According to the European Union study, Ukraine has deposits of 22 out of the 34 minerals it lists as critical, including lithium, titanium, graphite, zirconium, rare earth elements (REEs), and uranium. The sector of critical raw materials for battery and modern technology manufacturing is one of the fastest-growing sectors. Ukraine can integrate into international and regional value chains, diversifying and de-risking global demand. For our subscribers, we compiled several key aspects of it: Ukraine's reserves of critical and strategic raw materials Who owns Ukraine’s strategic subsoils Towards better transparency and straightforward regulation Ukraine's strategic resources: available investment arrangements Why is Risk Advisory and Business Intelligence for investors needed Strategic investors for Ukraine’s CRMs To learn more, subscribe to the Black Hawk Business Intelligence Review

Ukrainian fintech startup Fintech Farm has announced the launch of a new digital bank, Tezbank, in Uzbekistan, in partnership with local Hamkorbank, one of the country’s notable financial institutions. The launch positions Tezbank as a fully digital financial platform designed to bring modern banking services to Uzbekistan’s fast-growing, young, and mobile-first population. Fintech Farm was founded in 2020 by Former Privat Bank manager Dmytro Dubilet, former KPMG M&A head Mykola Bezkrovnyi, and Oleksandr Vityaz, owner of cloud service Corezoid. This marks Fintech Farm’s fifth international market after Azerbaijan, Kyrgyzstan, India, and Vietnam — a remarkable regional expansion for a company that began in Ukraine just a few years ago. Founded by a team behind Ukraine’s successful Monobank project, Fintech Farm has attracted over USD 20 million in international investment, including from strategic fintech investors, as reported by Forbes Ukraine. Fintech Farm’s international projects have shown impressive growth metrics. In Azerbaijan, its flagship Leobank already serves more than 1.3 million clients, becoming one of the fastest-growing neobanks in the South Caucasus. In Vietnam, Liobank reported record transaction volumes and user engagement. In India, the company’s latest venture, Roarbank, launched in early 2025, aims to capture the country’s booming digital lending and SME segments, leveraging lessons from earlier markets. Together, these results underline Fintech Farm’s operational agility and capacity to replicate success across diverse regulatory and consumer environments. However, Fintech Farm’s rapid ascent is not without controversy. Some founders and their close associates may have been previously connected to oligarch Ihor Kolomoyskyi and to schemes surrounding the alleged multibillion-dollar siphoning of funds from PrivatBank, Ukraine’s largest commercial bank, before its nationalisation. Investigations by the High Court of London and multiple Ukrainian outlets have connected Dmytro Dubilet to a circle of individuals involved in questionable transactions at PrivatBank. Adding to these concerns, Dmytro Dubilet’s father, who served as a senior manager at PrivatBank, has been formally accused by Ukraine’s National Anti-Corruption Bureau (NABU) of involvement in the embezzlement of over UAH 9.2 billion alongside Kolomoyskyi, and is now believed to be evading Ukrainian law enforcement in Israel. While Fintech Farm’s expansion underscores Ukraine’s entrepreneurial capacity and growing regional influence in fintech innovation, the group’s ownership background and prior associations warrant continued attention — particularly as they gain access to new banking systems abroad. For Uzbekistan, the Tezbank launch represents an ambitious step toward digital transformation. For risk analysts, it’s also a case study in how post-PrivatBank networks from Ukraine are reshaping regional finance under new banners.

Ukrainian titanium producer Velta , owned by businessman Andriy Brodskyi , has announced plans to build a USD 250 million titanium cluster in the Dnipropetrovsk region. The initiative is positioned as the first flagship project under the U.S.–Ukraine critical raw materials agreement signed in 2025. The cluster would integrate ilmenite mining, titanium dioxide processing, and additive manufacturing applications , signaling a shift toward higher-value industrial chains. In September, U.S. officials visited Ukraine to review potential mineral assets under the pact, including deposits of lithium, titanium, zirconium, and rare earths . Against this backdrop, Velta’s project is being framed as a strategic test case for whether U.S. partnership can anchor transparent development in Ukraine’s extractives sector. Risks remain significant. Velta has a complex operational history, with previous attempts to scale production disrupted by war, logistics, and financing constraints. The USD 250 million investment target will require either foreign equity partners or substantial credit guarantees, both uncertain in the current environment. In addition, titanium remains a dual-use material closely monitored in global supply chains, raising regulatory and export-control considerations. If successful, the cluster could reposition Ukraine as a strategic supplier of titanium products for Western industries, reducing dependence on Russian and Chinese sources. But if financing or governance falters, it risks becoming another stalled flagship project in Ukraine’s resource sector. For foreign investors, the case highlights both the opportunity of entering Ukraine’s mineral value chain and the structural risks of execution, transparency, and wartime disruption .

Lithium — the “white gold” of the energy transition — has long been a sensitive resource in Ukraine. For many years, access to strategic deposits was arranged through non-transparent schemes. People close to political power attempted to capture lithium and other mineral assets through insider arrangements rather than open competition. Such practices undermined public trust and discouraged responsible investors. Today, the picture looks different. On 27 August 2025, the Cabinet of Ministers announced an open competition for the development of the Dobra lithium deposit in the Kirovograd region. This strategic site will be allocated under a transparent procedure, marking a decisive step away from backroom deals toward EU-aligned standards. The change also fits into a broader new context. In 2025, Ukraine and the United States signed a cooperation agreement on critical raw materials, laying the groundwork for joint projects in lithium and other resources. A clean, transparent tender process is the best way to turn that agreement into a real investment and technological partnerships. While past attempts to monopolise resources cast a long shadow, today’s open call is a milestone. If implemented credibly, Ukraine’s mining sector could shift from a story of insider capture to one of transparency, rule of law, and international cooperation. 👉 Entrypoint is preparing a broader Business Intelligence overview of Ukraine’s mineral sector, covering its history and future. It will soon become available to subscribers through our website entrypointgroup.com .

Ukraine is about to enter a new regulatory era with the upcoming implementation of its Law on Lobbying . For the first time, lobbying will be legalised and regulated, aligning Ukraine’s political-business interface closer to EU and US standards —but not without growing pains. Under the new framework, any attempts to influence legislation, regulations, or state decision-making on behalf of business or interest groups must be declared through a newly established register of lobbyists , to be launched by the National Agency on Corruption Prevention (NACP). This is a substantial change in a country where informal networks and opaque influence often substituted for transparent policy advocacy. Why It Matters In Brussels and Washington, lobbying is recognised, disclosed, and—crucially—regulated. Ukraine, in contrast, has operated in a grey zone, where unofficial influence channels were often more effective than public consultation. Formalising lobbying not only enhances accountability but also reduces reputational risks for foreign investors operating in the country. The new law: Defines who can and cannot lobby (e.g. foreign agents, media outlets, and public servants are excluded). Imposes administrative fines for undeclared lobbying—up to ₴170,000 (~$4,200). Requires businesses and lobbyists to file declarations of lobbying efforts and identify beneficiaries. Business Concerns and Delays Despite good intentions, implementation risks are real. Leading business associations, including the American Chamber of Commerce and European Business Association, have urged Parliament to delay sanctions and improve legal clarity , citing legal uncertainty and regulatory overload. Many fear that inadvertent non-compliance could trigger penalties, particularly for companies engaged in routine advocacy without prior experience in regulated lobbying environments. Moreover, while the NACP promises clear guidance and a user-friendly portal, technical and procedural ambiguities remain , especially for multinational companies and law firms representing clients in policy matters. Comparing Models: EU and US In the US , the Lobbying Disclosure Act (LDA) mandates public registration and quarterly reports for all paid lobbying activities targeting federal officials. Non-compliance can lead to civil penalties and reputational damage. The EU Transparency Register operates on a voluntary basis, but is de facto mandatory for engaging with European Commission officials. It covers interest representation across a wide policy spectrum. Ukraine’s model borrows elements from both but goes further by threatening enforcement from day one —despite limited institutional experience. What’s Next Over the next six months, Ukraine’s public and private sectors will navigate a steep learning curve . If implemented constructively, this reform could decrease corruption risks, level the playing field , and support better governance. But if executed poorly or used punitively, it could discourage legitimate advocacy and stifle dialogue. For international stakeholders, now is the time to: Map exposure to lobbying-related activities across local teams and consultants. Engage with the NACP to clarify grey zones and ensure compliance readiness. Monitor legal amendments , as business pressure may yet reshape the rollout.

In August 2025, the Parliamentary Committee supported in first reading of two draft laws aimed at introducing a “tax compensation for investment” model for the processing industry. What the draft laws propose Objective : Shift Ukraine away from a raw-material export model towards value-added production , encouraging investments in construction, modernisation, technical upgrades, equipment and land for processing facilities. Duration : Incentives valid for 2026–2035 . Compensation rates , depending on investment size: €100,000 – €1 million → 70% €1 million – €20 million → 50% €20 million – €50 million → 30% Taxes eligible for compensation : Corporate profit tax (provided ≥ 90% of income comes from sales of own processed products); VAT and import duty on new equipment; Land tax and municipal land lease fees. IMF want discussion on next steps The IMF has raised concerns over the adoption process, stressing the need for consultations before moving forward. Ukrainian officials insist the concept should be moved on rather than shelved before it has a chance to work. Why this matters For investors : A clear, quantified incentive mechanism for large-scale industrial projects. For manufacturers : A pathway to upgrade production with tangible economic benefits. For policymakers : A potential tool for diversifying the economy and reducing reliance on low-margin commodity exports. For the investment climate : A signal that Ukraine seeks to align tax policy with long-term industrial development, though IMF alignment will be critical.

The National Bank of Ukraine (NBU) has introduced another round of foreign currency liberalisation, continuing the gradual rollback of restrictions imposed after the Russian full-scale invasion in 2022. 1. Syndicated Loans with IFI Participation Exempt from Key Restrictions Ukrainian borrowers can now freely service loans provided by a syndicate that includes both a foreign bank and at least one international financial institution (IFI). The foreign bank must hold a credit rating of “A” (Standard & Poor’s / Fitch Ratings) or “A2” (Moody’s). 2. Dividend Payments for 2023 Now Permitted Companies may now pay dividends accrued from 1 January 2023 within the existing monthly limit of €1 million (or equivalent) per legal entity. Previously, dividend payouts were limited to profits earned from 1 January 2024. 3. Forward FX Contracts for Import Hedging Ukrainian companies and sole proprietors may enter into deliverable forward FX contracts with local banks to hedge currency risks on imports. This is the first easing of forward FX restrictions for non-financial entities since the introduction of martial law. 4. Early Loan Repayment via Debt-to-Equity Conversion The NBU now allows early repayment of previously non-prepayable loans through conversion of the debt into equity or shares in the borrower’s charter capital. 5. Incentives for Companies Supporting the Armed Forces Businesses can now exceed existing limits on cross-border transfers—such as dividend payments, loan repayments, or capital transfers—by an amount equal to their donations to the NBU’s special account for military support, provided these contributions are made after 7 August 2025. Outlook: These measures reflect a cautious but steady move towards restoring normal currency operations, balancing the need for capital flow liberalisation with wartime financial stability. The inclusion of incentives for businesses supporting the Armed Forces also underlines the integration of economic policy with Ukraine’s broader national defence objectives.

Nestlé has inaugurated a €60 million vermicelli production facility in Volyn, western Ukraine—one of the company’s most significant investments in the region in recent years. The factory will produce instant noodles under the Maggi and Mivina brands, with a remarkable 75% of its output destined for export . This is precisely the kind of investment Ukraine needs: not just shipping raw agricultural commodities abroad, but processing them into finished, branded food products that create jobs, add value, and build long-term industrial capacity. 🌾 From grain to packaged meals— this is what moving up the value chain looks like . Nestlé is demonstrating confidence in Ukraine’s talent, logistics, and manufacturing future, even amid wartime uncertainty. Over 300 new jobs will be created in Volyn, strengthening Nestlé’s well-established presence alongside its existing sites in Kharkiv and elsewhere.

In a significant test of regulatory integrity, Ukraine’s Antimonopoly Committee (AMCU) has successfully defended its decision to approve the sale of two large cement plants to  CRH , a global building materials company headquartered in Ireland. The twist? This was not a typical case of merger blocking. The deal had already gone through years ago — CRH lawfully acquired the plants with AMCU approval and unprecedented obligations. However, in 2023, Ukrainian construction giant  Kovalska  sought to overturn that approval, claiming the deal had harmed competition. Ukraine’s judiciary has now spoken — twice. Both the first-instance court and the appellate court rejected  Kovalska ’s claims last week, confirming that the AMCU acted lawfully and that there are no grounds to revoke the deal. Why this matters — especially for foreign investors: ✅ Foreign Investment Defended: CRH’s acquisition was upheld despite local resistance, showing that Ukraine’s institutions can protect foreign capital from post-facto legal actions. ✅ Independent Courts: The judiciary based its decisions on legal and competitive analysis — not political or business pressure — reinforcing the image of a more impartial legal system. ✅ Regulatory Credibility: The AMCU’s consistent defence of its position signals strength, not weakness. It stood firm even when challenged by a strong domestic player with media reach and lobbying weight. While some worry that the public dispute damages Ukraine’s image, it’s exactly the opposite: this ruling shows that Ukraine is becoming a place where rules, not relationships, govern business decisions. For any international investor — especially during wartime — that’s a milestone. One legal victory won’t fix everything. But it’s a strong step toward restoring trust in Ukraine’s institutions and investment climate.

Last week, Entrypoint was proud to participate in the “Cyber Heart of the Bank” conference — a flagship event highlighting how Ukrainian banks are redefining resilience through cybersecurity and innovation. In the face of war, systemic risk, and geopolitical pressure, Ukrainian financial institutions are not only surviving — they are setting new European standards in: * Cyber threat response and SOC development * Real-time fraud detection and incident management * Strategic cybersecurity branding and trust-building * Cross-sector collaboration between banks, regulators, and intelligence partners Ukrainian banks today rank among the most client-friendly and digitally efficient in the region, offering seamless user experiences even in extreme conditions. Their blend of resilience and usability is no longer an aspiration — it’s an operational reality. The conference reaffirmed that Ukraine’s financial system is becoming a global case study in operational and cyber resilience. As one panellist put it: “The cyber core is no longer a back-office function — it’s the frontline.” At Entrypoint, we contribute to this shift by supporting fintech partners with market intelligence and sectoral advisory services across multiple market segments and geographies.  We’re grateful to the organisers, "International Club Bankir", and participants for the insights and for the continued belief that Ukraine’s digital future is being built now , securely, and strategically.