The total amount of claims of foreign entities against the state of Ukraine is at least UAH 600 billion, and the volume of claims is about UAH 60 billion, according to the list of fiscal risks published by the Ministry of Finance in the annexes to the draft law No. 14000 on the State Budget for 2026.
According to the document, there are currently 25 disputes over foreign investors’ claims against the state of Ukraine with a statutory six-month period for pre-trial settlement. In most cases, this period has already expired, which means that the claimants may submit requests for arbitration to foreign jurisdictions.
As of July 1, 2025, according to the Ministry of Justice, there is a need to protect the rights and interests of the state in 64 cases that are being or will be considered in foreign jurisdictions. The government predicts that in 2026 the number of cases will be at least 53, and the number of disputes at the pre-trial stage will be at least 46.
The list of particularly significant cases that require the most effective defense includes
– the claim of the state development corporation VEB.RF for about $3.5 billion;
– claims of Emergofin B.V. and Velbay Holdings Ltd. for about $1 billion;
– a claim of OJSC Tatneft for about $200 million;
– the claim of the Republic of Tatarstan and the Ministry of Property of Tatarstan in the amount of $300 million;
– a claim of ABH Holdings S.A. (beneficiaries – Mikhail Fridman, Peter Aven, Andrey Kosogov) for about $1 billion;
– potential claims of Sberbank of Russia and Russian National Commercial Bank.
In addition, the government notes claims from Enwell Energy plc, AEROC and CTF Holdings S.A., which are associated with businessmen Vadim Novinsky, Andrei Molchanov and Mikhail Fridman, respectively.
The Ministry of Finance emphasizes that the number of investment disputes against Ukraine in connection with sanctions measures and confiscation of Russian property is likely to increase every year.
