NBU currency control complicates international deals and holds back the M&A market.

Currency controls instituted by the National Bank of Ukraine complicate the conclusion of international M&A deals, experts noted during the Ukrainian PE & VC Summit conference in Warsaw.

“The participants discussed the current challenges of the mergers and acquisitions market in Ukraine: Currency control holds capital “hostage” and complicates international deals; the domestic M&A market is active, but closing deals in hryvnia is still not easy. The average term for concluding a deal has increased from one to two to three years,” said Nadiya Kaznacheeva, a top manager at the umgi investment company.

According to Kaznacheeva, Ukrainian companies continue to expand geographically, although financing and securing deals remain difficult. At the same time, strategic investors are cautious, and predictability is needed to regain interest.

“Forecast for 2025: Activity is expected to increase in agriculture, IT, energy, logistics, infrastructure, and possibly miltech. Industrial minerals are an important asset for the country’s recovery. Despite all the difficulties, the market is gradually coming to life,” umgi believes.