CEE Legal Matters: Dealing with Minerals and More in Ukraine: A Buzz Interview with Galyna Zagorodniuk of Imagine Lawyers
CEE Legal Matters, Teona Gelashvili, 19 May 2025
Ukraine is seeing a wave of developments across key sectors, from natural resources and energy to M&A and outbound investments, according to Imagine Lawyers Partner Galyna Zagorodniuk. With the recent ratification of the so-called “Mineral Treaty” with the United States, renewed privatization efforts, and a shift toward EU-aligned regulation, the country is preparing for significant economic and legal activity.
The most important recent development in Ukraine, Zagorodniuk says, is “the so-called ‘Mineral Treaty’ with the United States, earlier ratified by the Ukrainian parliament and signed by President Zelensky.” Within the legal profession, “this move is expected to generate substantial legal work. We anticipate a wave of joint ventures, contract structuring, regulatory compliance advisory, and work involving bilateral treaties, dispute resolution, and PPP development not only with regards to minerals, but also in infrastructure, energy, etc.,” she notes.
Turning to M&A, Zagorodniuk highlights an uptick: “While the overall economic background remains difficult, especially with capital restrictions and limitations on dividend payments, this is precisely what’s driving some of the deal activity. Companies are looking for ways to reinvest their trapped capital.” A notable development underway, according to her, “is Kyivstar’s acquisition of a Uklon, a leading Ukrainian ride-hailing and delivery platform, set to become the second-largest deal in Ukraine since the war began. Kyivstar is also in talks with several other businesses, including in the med tech sector, as the company transitions into a broader ecosystem model rather than remaining just a telecom operator. This repositioning comes ahead of its anticipated listing on the Nasdaq, likely later in 2025. If successful, Kyivstar would be the first Ukrainian company to list there, marking a milestone for Ukraine’s integration into the global capital markets.”
In parallel, Ukrainian businesses are increasingly looking abroad. “Companies in food, pet food production, and pharma, for example, are acquiring businesses abroad,” Zagorodniuk adds. “One major Ukrainian pharma company has recently purchased assets in Spain and the UK. Ukrainian companies are looking for expansion in Europe, Central Asia, and Africa. This trend reflects a broader strategy to diversify and mitigate risk by not limiting operations to the domestic market.”
“Privatization efforts are also gaining traction,” Zagorodniuk highlights. “Ukraine still has a large number of state-owned enterprises, many of which are inefficient and non-essential. The government, through the Ministry of Economy and the State Property Fund, is pushing a new wave of privatizations. Significant projects like privatization of the world’s largest titanium producer by Neqsol, as well as many smaller targets, generate legal work and send a clear market signal.”
In terms of sectoral developments, Zagorodniuk says that energy continues to be at the forefront. “A new 2025 law has introduced simplified, EU-aligned regulations related to REMIT regulation and connection to the electricity grid, simplifying activities in the electricity and natural gas markets,” she points out. “Given the catastrophic state of Ukraine’s energy infrastructure, severely damaged by Russian attacks, there is both urgency and opportunity. Some of these projects, crucially, are backed by war risk insurance, something that makes a significant difference in terms of investment appetite.”
Finally, Zagorodniuk notes, “there is a major wave of reform in the life sciences and pharma sectors. These are aimed at aligning Ukraine’s legal and regulatory framework with EU standards in preparation for eventual EU membership. A number of legislative changes are being introduced, and specialized lawyers are working with companies to ensure they’re ready.”
