Business news from Ukraine

Business news from Ukraine

Czech Republic and Moldova Have Highest Net Sentiment Among Ukrainians Among Central and Eastern European Countries — Study

The Czech Republic and Moldova have the highest net sentiment—the balance of positive and negative attitudes—among Ukrainians among the Central and Eastern European countries included in the study—56.2 and 48.2 percentage points, respectively. At the same time, the balance of attitudes toward Poland turned negative in August 2026, while assessments of Slovakia and Hungary improved significantly compared to previous waves. This is evidenced by the results of the third wave of the study “Ukrainians’ Attitudes Toward Countries Around the World,” conducted by Active Group in collaboration with Experts Club, according to the Experts Club Information and Analytical Center.

The Czech Republic received the highest share of positive assessments in this group—61.3%. 32.1% of respondents have a neutral attitude toward it, 5.1% have a negative attitude, and another 1.6% were undecided. The balance of positive and negative attitudes stands at 56.2 percentage points, compared to 64.4 percentage points in March 2026 and 58.7 percentage points in August 2025.

Regarding Moldova, 55.4% of respondents have a positive attitude, 35.6% are neutral, and 7.2% have a negative attitude. The balance stands at 48.2 percentage points, which is lower than the 54.7 percentage points recorded in March but higher than the 46.6 percentage points recorded in August of last year.

Regarding Romania, 45.2% of respondents expressed a positive attitude, 42.3% were neutral, and 9.8% were negative. The balance fell to 35.4 percentage points from 41.7 percentage points in March. In Bulgaria, positive assessments accounted for 42.7%, neutral ones for 47.6%, and negative ones for 7.4%, with the balance standing at 35.3 percentage points, compared to 51.5 percentage points in March.

Unlike most countries in the group, attitudes toward Slovakia showed a noticeable improvement. It is viewed positively by 40.7% of respondents, negatively by 12.1%, and neutrally by 44.4%. The balance rose to 28.6 percentage points from 16.1 percentage points in March 2026 and just 1.6 percentage points in August 2025.

The sharpest negative trend was recorded regarding Poland. 34.6% of Ukrainians view it positively, 37% negatively, and 25.4% neutrally. As a result, the net balance stands at minus 2.4 percentage points, whereas in March 2026 it was plus 41.7 percentage points, and in August 2025—plus 44 percentage points. The deterioration in attitudes toward Poland was one of the most notable shifts in the third wave of the survey.

Hungary remains in the negative zone: 22.9% of respondents expressed a positive attitude, 35.6% a negative one, and 37.4% a neutral one. At the same time, its balance improved to minus 12.7 percentage points compared to minus 33.6 percentage points in March and minus 39.7 percentage points in August 2025.

Maksym Urakin, founder of the Experts Club Information and Analytical Center, deputy director of the Interfax-Ukraine news agency, and candidate of economic sciences, emphasized that public perception of countries must be analyzed in parallel with Ukraine’s actual economic ties.

“That is why it is very important for us to analyze our main partners. The first recommendation is to regularly showcase concrete projects, specific actions, and the presence here of foundations, embassies, teams, and diplomats in the humanitarian sphere and in science. We also need to use our sociological data to draw conclusions and strengthen our relations, particularly trade relations,” Urakin noted.

Oleksandr Pozniy, director of the research firm Active Group, highlighted the practical significance of the study’s findings for economic and diplomatic policy.

“We should focus on developing more than just general awareness. First and foremost, business associations, the Ministry of Economy, and the Ministry of Foreign Affairs need to work to develop bilateral relations and improve the balance of trade. We must expand cooperation with countries where we can achieve a positive trade balance,” Pozniy noted.

The survey was conducted in August 2026 using self-administered online questionnaires in the SunFlowerSociology panel among 800 Ukrainian citizens aged 18 and older. According to the organizers, the sample is representative by age, gender, and region, with a maximum theoretical margin of error of 3.5%. This is the third wave of the study, following surveys conducted in August 2025 and March 2026.

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There are 256 companies registered in Ukraine with Bulgarian beneficial owners

There are 256 companies registered in Ukraine with Bulgarian beneficial owners that filed financial statements for 2025; 46 of them—or nearly one in six—have annual revenue exceeding 100 million UAH.

The combined revenue of these companies for 2025 totaled 24.72 billion UAH, which is 6% less than the previous year, according to data from Opendatabot published on August 10.

The largest company with Bulgarian owners in terms of revenue was “Construction Machinery,” which distributes construction equipment. Its revenue totaled 4.43 billion UAH, compared to 4.29 billion UAH in 2024.

In second place was “Green Cool,” a company operating in the import and distribution of food products, with revenue of 2.09 billion UAH. A year earlier, the company reported 2.79 billion UAH in revenue.

Third place went to the energy trader “Elementum Energy Trade,” with revenue of 1.85 billion UAH, compared to 1.1 billion UAH in 2024. Next were the Kostopol Glassworks, with 1.8 billion UAH, and the Dniester Wind Farm, with 1.56 billion UAH.

The top ten also included “Plastchem Ukraine” with revenue of 1.51 billion UAH, “Compressors International” with 1.28 billion UAH, “Sopharma Ukraine” with 0.95 billion UAH, the insurance company “Euroins Ukraine” with 0.91 billion UAH, and “Sanvin 5” with 0.7 billion UAH.

Thus, several industries are represented among the largest Ukrainian companies with Bulgarian capital: trade, energy, industrial manufacturing, pharmaceuticals, and insurance.

According to Opendatabot, a total of 256 companies with Bulgarian beneficiaries filed financial statements for 2025. At the same time, business concentration is quite high: just 46 companies generate annual revenue exceeding 100 million UAH.

 

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Bulgaria Wants to Tighten Residency Rules for Foreigners

The Bulgarian government has proposed significantly tightening the rules for maintaining permanent residency for foreigners, including investors. According to the bill submitted to parliament, permanent residents may be required to be physically present in Bulgaria for at least 183 days during each calendar year.

Bill No. 52-602-01-29, amending the Law on Foreigners of the Republic of Bulgaria, was submitted by the Council of Ministers to the National Assembly on July 28, 2026, according to official data from the Bulgarian parliament.

The bill is currently under review, so the new regulations are not yet in effect.

The main change concerns the distinction between two residency regimes for foreigners.

For holders of EU long-term resident status, it is proposed to maintain the current principle, under which a prolonged continuous absence from the territory of the European Union may serve as grounds for loss of status.

For holders of a Bulgarian permanent residence permit, it is proposed to introduce a significantly stricter national requirement: a foreign national must actually spend more than half the year in Bulgaria.

Thus, if the bill is adopted in its current form, merely holding a Bulgarian permanent residence permit while residing permanently in another country will not be sufficient.

The new rule will affect investors

These changes are of particular significance for foreigners who obtained permanent residence through investment.

Current Bulgarian legislation provides several options for obtaining permanent residence through investment. Specifically, the official government portal lists investments of at least 1 million leva in certain Bulgarian investment funds and a number of other instruments, while a threshold of 2 million leva applies to certain types of securities.

Following Bulgaria’s transition to the euro, the corresponding amounts are converted to the new currency at a fixed exchange rate. The former threshold of 1 million leva corresponds to approximately EUR 511,300, while 2 million leva is equivalent to about EUR 1.02 million.

However, another significant change is taking effect: an investment will no longer automatically allow the holder of permanent residence to live permanently outside Bulgaria.

In the published version of the new requirement, no separate exception is provided for investment residents. This is precisely why the changes could significantly reduce the appeal of the Bulgarian investment program for people who viewed permanent residence primarily as an additional European status rather than as a basis for actually moving to the country.

The new rule potentially applies to a much broader segment than just investors. It may also apply to other foreigners with permanent residence in Bulgaria—including individuals who obtained permanent residence after a long period of residence in the country, certain family members of Bulgarian citizens, and foreigners of Bulgarian origin.

Thus, the proposed changes effectively alter the very concept of permanent residence: the state aims to more closely link the possession of this status to a person’s actual physical presence in the country.

This may prove particularly important for foreigners who hold Bulgarian permanent residence but spend most of the year working or conducting business in other EU countries, the United Kingdom, the United States, CIS countries, or the Middle East.

Investment Thresholds Are Converted from Levs to Euros

The bill also brings the financial requirements of immigration law into line with Bulgaria’s transition to the euro.

Specifically, the previous amounts in levs are replaced by their equivalents in euros.

The threshold of 1 million leva corresponds to approximately EUR 511,000, 2 million leva to about EUR 1.02 million, and 6 million leva to approximately EUR 3.07 million.

This is primarily a technical conversion, so the actual value of the investment requirements does not change significantly as a result of this change.

Permanent Residency Through Investment in Bulgaria Remains in Place; Citizenship-by-Investment Has Been Abolished

It is important to distinguish between the two programs.

Bulgaria previously abandoned the fast-track scheme for direct acquisition of citizenship through investment, which had drawn serious criticism from EU institutions.

However, the investment-based grounds for obtaining a permanent residence permit remain in place. Official government information still lists several types of investments that can serve as grounds for granting a foreigner a permanent residence permit.

It is precisely this program that may now become significantly less “passive”: it will no longer be sufficient for an investor to simply maintain their investment—if the amendments are adopted, they will also have to actually spend a significant portion of the year in Bulgaria.

It is not yet possible to speak of the mandatory 183 days as a rule that has come into effect.

The bill has only just been submitted to parliament and must undergo review by the relevant committees and the parliamentary procedure. The National Assembly currently lists it on its official website as a document submitted by the Council of Ministers, with no information regarding its final adoption.

During the review process, lawmakers may amend the 183-day requirement, add exemptions for certain categories of foreigners, or provide for a transition period for current permanent residents.

Legal experts have specifically pointed out the absence of a clear transition mechanism in the initial draft. Therefore, one of the most important issues to be addressed during parliamentary review will be whether the new requirements will apply to foreigners who obtained permanent residence under the previous rules.

 

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Bulgaria May Increase Property Tax Assessments by 20–30%

Bulgarian authorities are considering changing the methodology for determining the taxable value of real estate, which could lead to an increase in annual property taxes and transaction costs when buying or selling real estate.

The changes may be included in the 2027 state budget, said Bulgarian MP Yavor Gechev. The legislative framework for implementing the new system is scheduled to be drafted in October–November 2026, after which a special working group will determine the new valuation coefficients. A final decision has not yet been made.

When calculating the taxable value, it is proposed to take into account more accurately the property’s location, type, and technical condition, the year of construction, as well as actual prices on the real estate market. The current methodology has not been revised for many years, so the tax assessment of many apartments and houses is significantly lower than their market value.

According to tax consultant Mykola Ivanchev, a reasonable increase in the tax value could be 20–30%. At the same time, he recommends limiting the increase to 20% to avoid placing an excessive burden on property owners, especially retirees and low-income citizens.

As an example, the expert cited an apartment or house in Sofia with a market value of 150,000–200,000 euros, whose tax assessment is approximately 50,000 euros. At the municipal rate of 2 per mille, the owner currently pays about 100 euros per year. After a 20–30% increase in the assessment, the payment could rise to approximately 120–130 euros.

The reform will affect more than just owners’ annual payments. The tax assessment is used to calculate a portion of local taxes, notary fees, and other costs associated with the purchase or sale of real estate. Therefore, an increase in the assessment will make transactions somewhat more expensive even if municipal rates remain unchanged.

Legal experts suggest that rising costs associated with purchasing and maintaining housing could affect demand. Properties that previously attracted buyers with low taxes and operating costs may become less appealing if mandatory payments increase significantly.

Authorities have long delayed revising the methodology due to the high proportion of homeowners. According to estimates by participants in the discussion, over 90% of Bulgaria’s residents own real estate, so a tax increase could trigger significant public and political backlash.

At the same time, the idea of a higher tax on second and subsequent apartments is being discussed. However, experts consider this difficult to administer: about 8–9% of the population owns multiple properties, and the additional costs for municipalities may prove to be comparable to the expected revenue.

Thus, Bulgaria has not yet made a decision to raise the property tax. At this stage, discussions are focused on updating the tax assessment of properties, with the possible implementation of a new methodology starting in 2027. The actual amount of payments will depend on the approved coefficients and rates set by each municipality.

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Exports of semi-finished steel products from Ukraine rose by 35.8% in first half of year

In January–June of this year, Ukraine increased its exports of carbon steel semi-finished products by 35.8% in volume terms compared to the same period last year—to 766,603 metric tons from 564,683 metric tons.

According to statistics released by the State Customs Service (SCS), 163,183 thousand metric tons of semi-finished products were exported in June, 165,050 thousand metric tons in May, in April—116,550 thousand metric tons, in March—138,203 thousand metric tons, in February—61,629 thousand metric tons, and in January—121,988 thousand metric tons.

In monetary terms, exports of carbon steel semi-finished products during this period increased by 39.6% to $388.650 million. The main export destinations were Bulgaria (36.59% of shipments in monetary terms), Turkey (13.44%), and Poland (12.90%).

In the first six months of 2026, Ukraine imported 40,805 thousand metric tons of semi-finished products worth $26,990 million from Oman (80.71%), the Czech Republic (13.03%), and Germany (4.93%), whereas in January–June 2025, it imported 3,303 thousand metric tons worth $2,687 million.

As reported, in 2025, Ukraine reduced its exports of semi-finished steel products by 26.4% in volume terms compared to the previous year—to 1,388,183 thousand metric tons—while revenue fell by 28.9% to $659.625 million. The main export destinations were Bulgaria (32.73% of shipments in monetary terms), Poland (22.13%), and Turkey (14.88%).

Last year, Ukraine imported 88,923 thousand metric tons of semi-finished products worth $65.989 million, mainly from Oman (37.42%), Germany (22.21%), and the Czech Republic (16.71%), whereas in 2024, it imported 306 metric tons of semi-finished products worth $278 thousand.

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Romania, Bulgaria, and Turkey Will Strengthen Infrastructure Protection in Black Sea

Romania, Bulgaria, and Turkey have agreed to expand the mission of the joint Black Sea Mine Countermeasures Task Group by adding the protection of critical infrastructure to its mandate.

The agreement was reached during the NATO summit in Ankara. This involves expanding the authority of the Mine Countermeasures Black Sea Task Group, which had previously focused primarily on locating and neutralizing mines in the Black Sea.

According to Reuters, the new mandate calls for the protection of energy and telecommunications facilities and undersea pipelines owned or operated by the three countries.

The Romanian Ministry of Defense stated that protecting critical infrastructure in the Black Sea requires a comprehensive, integrated, and long-term approach. The ministry also noted that a memorandum establishing the mine countermeasures security group was signed on January 11, 2024, by the defense ministers of Romania, Bulgaria, and Turkey.

The joint group became the first trilateral initiative of its kind among the three NATO countries with access to the Black Sea. Its initial task was to improve the safety of navigation following the appearance of drifting mines in the sea as a result of Russia’s war against Ukraine.

According to Reuters, the group has already neutralized more than 150 mines since its creation. The expansion of its mandate reflects growing concerns among countries in the region regarding the security of maritime infrastructure, particularly against the backdrop of developing gas projects in the Black Sea.

For Ukraine, this decision is of direct importance, as Black Sea security affects shipping, export routes, energy infrastructure, and the overall naval situation in the region. Stronger coordination between Romania, Bulgaria, and Turkey also signals greater NATO focus on the Black Sea region.

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