Baltic States Generated More Than UAH 111 Billion in Revenue Through Ukrainian Businesses in Q3 2025
YouControl analysts examined the role that countries with simplified business registration procedures or relatively low tax rates play in the ownership structure of Ukrainian companies. According to the findings, Lithuanian residents associated with Ukrainian businesses generated UAH 53.7 billion in revenue during the first three quarters of 2025. Latvian residents accounted for UAH 28.7 billion, while Estonian residents generated UAH 28.54 billion over the same period. The final part of the YouControl study presents a regional breakdown, examines corporate group affiliations, and provides a detailed analysis of the largest companies with co-owners from the Baltic states.
The first part of the research presents a detailed analysis of the participation of British capital in Ukrainian companies, while the second part examines the presence and role of Cypriot co-owners.
Affiliation with the United Kingdom, Cyprus, Estonia, Lithuania, and Latvia was determined by both the place of registration of individuals and legal entities and the country of citizenship of participants, shareholders, and ultimate beneficial owners.
Heavy Industry, Passenger Transportation, and Fish Processing: The Ten Largest Ukrainian Companies with Estonian Co-Owners by Revenue
There are 983 companies in Ukraine with co-owners from Estonia. The largest number of such enterprises is registered in Kyiv – 486 companies. Additional concentrations are observed in the Lvivska (58), Donetska (49), Dnipropetrovska (47), and Odeska (46) Oblasts.
Within the examined dataset, 28 companies with Estonian co-owners have sanction-related notices connected to their participants or ultimate beneficial owners. In addition, 26 companies within the sample have ownership structures that include participants or ultimate beneficial owners from Russia alongside representatives of Estonia.
A total of 102 companies whose participants, shareholders, or ultimate beneficial owners are individuals or legal entities registered in Estonia belong to 40 corporate groups. The largest number of companies in the dataset belongs to the Arricano corporate group (25). It should be noted that key individuals associated with this group have been subject to sanctions imposed by the National Security and Defence Council since June 2025.
Note: A corporate group generally refers to a set of companies in the financial and/or industrial sectors owned by one or more ultimate beneficial owners that interact to achieve common objectives, such as generating financial benefits or optimising production processes. This definition is based on analytical information provided by YouControl.
Only 115 companies with Estonian co-owners reported positive revenue for the first three quarters of 2025. Their combined revenue amounted to UAH 28.54 billion.
The leading position by revenue is held by UNIVERSAL FISH COMPANY LLC, a company engaged in the import, processing, and distribution of fish products. One of its ultimate beneficial owners is Oleh Lushchyk, a former member of the Kharkiv Regional Council.
KRYUKOVSKY RAILWAY CAR BUILDING WORKS PJSC reported revenue of UAH 2.3 billion for the first three quarters of 2025. Two of the company’s four shareholders are Estonian legal entities. According to the enterprise’s ownership structure, these entities are owned by Volodymyr and Nataliia Prykhodko, key and affiliated individuals within the Prykhodko Family Group. One of the ultimate beneficial owners of KRYUKOVSKY RAILWAY CAR BUILDING WORKS PJSC is Russian citizen Stanislav Gamzalov, who has been subject to sanctions imposed by the National Security and Defence Council since May 2023.
Auto Parts Trade, Crab Stick Manufacturing, and Second-Hand Goods: Leading Ukrainian Companies with Lithuanian Co-Owners by Revenue
A total of 1,407 Ukrainian companies have co-owners originating from Lithuania. The largest concentration of these enterprises is located in Kyiv, where 723 companies are registered. Additional clusters are found in the Kyivska (84 companies), Odeska (72), Dnipropetrovska (56), and Lvivska (45) Oblasts.
Within the examined dataset, three companies with Lithuanian co-owners have sanction-related notifications linked to their participants or ultimate beneficial owners. Additionally, 24 companies in the sample have ownership structures that include participants or ultimate beneficial owners from Russia alongside Lithuanian representatives.
In total, 162 companies with Lithuanian co-owners are associated with 32 corporate groups. A significant proportion of the analysed companies (62 entities) belong to the BT INVEST corporate group, whose principal activities include the management of development and retail projects, notably Novus and Stolitsa Group.
Among companies with Lithuanian co-owners that disclosed financial statements for the first three quarters of 2025, 135 reported positive revenue results. The combined revenue of these companies reached UAH 53.7 billion.
The leading revenue position is held by DALYS AUTOMOTIVE GROUP LTD, a company engaged in the sale of automotive spare parts, which reported revenue of UAH 5.52 billion. A 17.4% stake in the company’s authorised capital is owned by the Lithuanian UAB DETALES PLIUS.
Three of the ten largest Ukrainian companies by revenue with Lithuanian stakeholders are affiliated with the Aventus Group. Their combined revenue for the first three quarters of 2025 amounted to UAH 3.91 billion.
Substantial revenue was also generated by VICIUNAI-UKRAINE LLC, a producer of crab sticks and other surimi- and fish-based products marketed under the VIČI trademark, as well as by the SUBSIDIARY COMPANY HUMANA PEOPLE TO PEOPLE UKRAINE enterprise, which operates a network of second-hand retail stores under the Humana brand.
The international business connections of the Lithuanian company UAB VICIUNU GRUPE can be analysed using the YC World platform. This international analytical tool enables global search and visual mapping of corporate relationships, facilitating the identification of hidden analytical insights within complex ownership and partnership structures.
Screenshot from the YC World system illustrating the business network of UAB VICIUNU GRUPE
The system can highlight potential risk indicators associated with the entity’s network of connections, including links to high-risk jurisdictions. By default, these jurisdictions include Russia, Belarus, Iran, Cuba, North Korea, Syria, and China. In this case, the Lithuanian company referenced above appears to have potential historical ties to Russian legal entities.
Household Appliance Distributors, Pharmacies, and Regional Energy Operators: Leading Ukrainian Companies with Latvian Co-Owners by Revenue
A total of 1,171 Ukrainian companies have co-owners originating from Latvia. The highest concentration of these enterprises is located in Kyiv, where 641 companies are registered. Additional clusters are found in the Kyivska (67 companies), Lvivska (66), Odeska (57), and Dnipropetrovska (54) Oblasts.
Within the analysed dataset, 19 companies with Latvian co-owners have sanction-related notifications associated with their participants or ultimate beneficial owners. Furthermore, 35 companies in the sample have ownership structures that include participants or ultimate beneficial owners from Russia in addition to Latvian representatives.
Seventy-five companies with Latvian co-owners are affiliated with or linked to 36 corporate groups. The largest representation within the analysed sample is associated with the YURIA-FARM corporate group (10 companies), the Pivdennyi group (9 companies), and VS Energy International (11 companies).
In total, 104 companies with Latvian representatives in their ownership structure reported combined revenue of UAH 28.7 billion for the first three quarters of 2025. The highest revenue – UAH 5.5 billion – was generated by ELKO UKRAINE LLC, a distributor specialising in IT products, household electronics, and integrated technology solutions.
The ranking of the largest Ukrainian companies by revenue with Latvian beneficiaries includes four regional electricity distribution operators: JSC ZHITOMIROBLENERGO, PJSC RIVNEOBLENERGO, PJSC KIROVOGRADOBLENERGO, and JSC CHERNIVTSIOBLENERGO. All four entities are part of the VS Energy International corporate group. The key individuals associated with this group – Latvian citizens – were included in the sanctions list of the National Security and Defence Council of Ukraine in May 2023.
Screenshot from the YouControl system, “Sanctions” section
The top ten companies with Latvian capital also include four enterprises engaged in pharmaceutical trade: MEDICAL CENTER M.T.K. LLC, GAEVSKY PHARMACY LLC, VORWARTS PHARMA LLC, and APOPHARM LLC. According to data from bi.prozorro, each of these companies has participated in public procurement procedures. MEDICAL CENTER M.T.K. LLC, a member of the YURIA-FARM corporate group, became the winner of public procurement tenders totalling UAH 15.3 billion during the period from 2015 to January 2026.
Over the past four years, the presence of Baltic jurisdictions in Ukrainian business structures has grown significantly. During 2022–2025, the highest growth rates were recorded in Estonia (+23%) and Latvia (+20%), reflecting increased interest in the Ukrainian market from these jurisdictions amid the conditions of full-scale war. At the same time, companies with Lithuanian co-owners demonstrated the strongest financial performance among Baltic-linked businesses that submitted financial statements, reporting UAH 53.7 billion in revenue for the first three quarters of 2025. By comparison, companies with Latvian residents reported UAH 28.7 billion in revenue, while those associated with Estonia generated UAH 28.54 billion.
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