UBBC meets Kyiv’s business world during successful visit

UBBC arranged a successful trade and research visit to Kyiv from 2–6 November, with the aim of meeting leading business organisations and contacts across critical sectors.

Led by Christophe Michels, Managing Director of UBBC, the delegation comprised senior executives from Eurasia Group, Serco, Burns & Wilcox and EAME, bringing expertise in insurance, energy and defence analysis, environmental assessment, business-to-government relations, and industrial technology investment.

The UBBC team held a continuous series of meetings with Ukraine’s foremost legal, technology, investment, business, defence, incubator and research associations, as well as with prominent think tanks. Briefings were received from the British Embassy and the following institutions and organisations: Asters, Unit City, the Ukraine–Britain Chamber of Commerce, the Ukrainian Chamber of Commerce, the American Chamber of Commerce, Kyiv Economics University, Brave1, Piraeus Bank, ECU, Naftogaz, Mustafa Nayyem (former Head of the State Restoration Agency), DTEK, UBN, MPs Lisa Yasko and Halyna Vasylchenko, the Snake Island think tank, the German Embassy, and the Insurance Regulator within the National Bank of Ukraine. The delegation also attended the Win Win Tech Conference.

UBBC hosted a well-attended reception at the City Hotel, bringing together additional contacts and businesses met during the visit.

Christophe Michels commented: “We felt it important to visit Kyiv to renew existing contacts and form new relationships, while gaining a clear sense of developments on the ground in business and politics, and an appreciation of the city’s wider social context. We were pleasantly surprised by the relative normality and beauty of the city, the resilient and resourceful attitude of its people, and the pace and scope of innovation and adaptation in the business and technology sectors—developed both to counter the Russian threat and to modernise the state in preparation for EU accession and future economic growth. We are committed to supporting Ukraine and believe it is in our mutual interest to work closely with its main industry sectors to help them thrive, contribute to a prosperous future for Ukraine, and build enduring partnerships with British business.”

Impressions of Kyiv – business and city conversations with UBBC

The UBBC team arrived in Kyiv on Monday, 2 November, after an overnight train journey from Warsaw, travelling through early morning sunlight across Ukraine’s vast forests, villages and fields before entering a city gleaming and bustling in tranquil normality.

The first stop was Asters, Ukraine’s leading law firm, whose offices offer views reminiscent of the City of London. The discussion covered investment in mining, defence technology and real estate from international and local clients, as well as war damage registration and litigation against Russia for compensation. Conversations on insurance revealed a familiar pattern: while limited coverage exists for mobile assets such as vehicles and ships, and some cover is available through the EBRD, World Bank and export credit agencies, a substantial gap remains in asset and infrastructure protection—areas requiring significant international reinsurance, as explained by Simon Cassey of Burns & Wilcox. Asters is also engaged in extensive renewable energy projects as Ukraine diversifies electricity production and distribution, with investment from Norway, Poland, Scandinavia and Ireland’s Kingspan.

A meeting with the Insurance Regulator within the National Bank of Ukraine explored how the insurance market is adapting to wartime conditions and what reforms or partnerships might support broader war-risk and infrastructure coverage in future.

A meeting with John Jones of the Ukraine–UK Chamber of Commerce confirmed that British investment largely follows the sectors supported by the UK and its allies—primarily energy and defence, both vital for Ukraine’s survival. The Energy Company of Ukraine (ECU) was described as a dynamic trading entity that aggregates and balances energy inputs into the grid from various sources, including European interconnections, to maintain supply when power stations are damaged.

Between meetings, the team sampled Kyiv’s excellent restaurants and bars, walked the city by night, and absorbed its beauty and atmosphere. Air raid alerts occurred occasionally but were brief and, for many residents, largely disregarded. The shelters visited were calm and comfortable, equipped with beanbags and beds. For visitors undeterred by air raids, Kyiv feels remarkably normal and offers much to see in its architecture, atmosphere and museums.

That evening’s dinner conversation with Mustafa Nayyem, former head of Ukraine’s State Restoration Agency, and Dana Lurovych focused on the urgent need to scale up innovation in both defence and industrial production. The Ukrainian mindset of building fast, testing and scaling rapidly was evident. Mustafa highlighted human capital as a pressing challenge for reconstruction, as many skilled individuals are either abroad or serving on the front line—a theme repeated throughout the visit.

The Win Win Conference showcased Ukrainian technological innovation and the strength of its tech ecosystem. Deputy Prime Minister Mykhailo Fedorov and his adviser Valerii Ionin presented Ukraine’s ambition to create the world’s first “agentic state”, operated through artificial intelligence. They unveiled the DIA.AI app, which allows citizens to interact efficiently with the government for services, licences and information—a world first, confirmed by the Guinness Book of Records. The British Embassy’s Charlotte Surum accepted an award recognising the UK’s support in this field. AI applications in defence, industry, agriculture and life sciences were also presented, demonstrating Ukraine’s drive to use innovation both to outpace Russia in the war and to modernise its future economy.

At the British Embassy, discussions focused on military technology, critical minerals, energy production, intellectual property agreements and reconstruction. UBBC raised the issue of downgrading travel advice to reduce barriers for business visitors. The Embassy also highlighted challenges such as the shortage of skilled professionals, the need for transformers, pumps, batteries and protective nets for power stations, and demining. Steve Rowan of EAME noted the extensive asbestos contamination at bomb sites, which will require significant management during reconstruction.

At Unit City, Kyiv’s hub for technology investment and development, the UBBC team met five early-stage AI companies with promising potential in defence tech, media, automation and verification technologies. Ukraine’s technology ecosystem comprises 405 IT institutions, 302,000 tech workers, 732 scientific centres, 80 R&D centres, 97 industrial parks, 37 scientific–industrial centres, 16 technology parks, 3 innovation parks and 60 clusters. In 2024 alone, there were 2,600 start-ups, 3,500 scientific projects, 380 deep-tech ventures and 8 unicorns. The tech sector now represents 5% of GDP.

DTEK, also based at Unit City, is leading efforts to recover and modernise Ukraine’s energy distribution network. The company is sourcing essential equipment to repair damaged power stations while preparing for EU accession and compliance with European standards. Immediate needs include clearing equipment, gas turbines, compressors and transmission components. UBBC offered to contact its Iraq Business Council partners who have access to older Soviet machinery that may be of use. The delegation left impressed by DTEK’s determination and ingenuity, and urges any parties able to assist to contact UBBC.

At Piraeus Bank, discussions centred on investment trends. Real estate is currently booming, and innovation technologies—particularly in defence tech, critical minerals and lithium—are attracting Western investors. However, the shortage of skilled labour remains a major constraint on scaling up reconstruction.

At a breakfast meeting, MP Lisa Yasko observed that Ukrainians remain determined to resist Russian aggression despite fatigue and psychological strain. She expressed concern for education and children’s welfare, noting there are no pro-Russian factions within Ukraine. Humanitarian support remains essential, with the UAE, Qatar and Saudi Arabia providing assistance. Russian informants are being imprisoned, and Russian Orthodox churches functioning as listening posts have been closed.

Naftogaz presented its plans for renewable energy and storage, as well as preparations for EU accession through decarbonisation and a decentralised power grid, with EIB funding. Ukraine holds substantial gas reserves (onshore shale and offshore) and strong potential for solar and wind energy, particularly in the south. It is eager to attract international gas and renewable energy companies to support both immediate needs and future European supply.

In the final meeting, the Ukrainian Chamber of Commerce outlined its network of 25 regional chambers. Priority investment areas include critical minerals and energy, and port infrastructure requires equipment for debris clearance. The team also met MP Halyna Vasylchenko, who sits on the Finance Committee and focuses on SME development.

The overall impression was of a country facing immense challenges yet demonstrating remarkable resilience and innovation. Ukrainians are determined not only to withstand Russia’s aggression but also to rebuild, modernise and join the EU as a technologically advanced, AI-enabled state. While the damage is severe, the opportunities for renewal are equally immense. Ukraine’s drive, creativity and courage will not only see it through the war but inspire others to support and learn from its example.