Investment risk and opportunity areas in Ukraine. BDO recommendations

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Map of Investment Risk Zones

Important information

The risk map presented on this website is for informational purposes only and serves as an example of an analytical assessment. It reflects the subjective opinion of the authors as of the date of publication and should not be interpreted as financial, investment, or legal advice. It is not an official or comprehensive source of information regarding investment risks in Ukraine.

Liability disclaimer

Our company does not guarantee the accuracy, completeness, or relevance of the information presented on this map. We assume no responsibility for any actions, decisions, or consequences resulting from its use. The information is subject to rapid changes and may become outdated within a short period of time. Users should not rely solely on this map for making investment decisions.

Independent verification and professional consultation

Before making the investment decisions, we strongly advise conducting independent research through different sources and ordering a customized paid consultation.

Publication Date:27.02.25

Ukraine presents significant investment opportunities, particularly as the country advances in its post-war recovery. However, understanding regional risks is crucial for investors seeking to make informed decisions. The Map of Investment Risk Zones, developed by BDO in Ukraine, provides a clear assessment of investment conditions across different regions, helping businesses navigate risks and seize opportunities with confidence.

While preparing this map, the team has utilized the tools such as the "War Risks in Ukraine Data Platform. Marsh McLennan (NYSE: MMC) has supported the Government of Ukraine in developing a data platform to track the war-related incidents since the beginning of the russian invasion.

Investment risk zones in Ukraine

	Dark Red Zone — Occupied territories where investment is currently not feasible. Business operations can resume only after full deoccupation.
	Red Zone — High-risk conflict areas (up to 100 km from active hostilities). Investments should be restricted to critical sectors, with security as the primary concern.
	Orange Zone — Border regions near Belarus and conflict areas (up to 50 km inland). Suitable for investments in critical infrastructure, job creation, and IDP support.
	Green Zone — Low-risk regions near the EU border (Chernivtsi, Zakarpattia, Ivano-Frankivsk, and Lviv). These areas offer strong infrastructure, skilled labor, industrial parks, and logistics hubs, making them highly attractive for business expansion.
	Light Green Zone — Moderate-risk regions outside the high-conflict zones, where investments are feasible with proper risk management.

BDO in Ukraine plays an active role in the country’s recovery and attracting investors. We have developed and continually update informative investor guides that cover various aspects of conducting business in the current environment, from e-procurement through the ProZorro system to detailed recommendations on how to travel in Ukraine in the current realities. Our guides provide investors with up-to-date information on the opportunities and challenges they may face, as well as practical advice on how to operate successfully in the Ukrainian market.

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BDO in Ukraine provides expert consulting to help investors establish and operate their businesses. Our services include: