The revenue of Ukrainian companies with British co-owners amounted to UAH 311.2 billion in Q3 2025

YouControl experts analysed the role of jurisdictions with simplified business registration or low tax rates in the ownership structures of Ukrainian companies. As of January 21, 2026, 15,358 Ukrainian companies have participants, shareholders, or ultimate beneficial owners from Cyprus, the United Kingdom, Lithuania, Latvia, and Estonia. Among them, 2,295 companies reported positive revenue totalling UAH 1.87 trillion for the first three quarters of 2025. The first part of the YouControl study provides a detailed analysis of the largest enterprises with UK co-owners, including their affiliations with corporate groups.

Affiliation with the United Kingdom, Cyprus, Estonia, Lithuania, and Latvia was determined based on both the place of registration of individuals and legal entities and the country of citizenship of participants, shareholders, and ultimate beneficial owners.

E-commerce, manufacturing, and the tobacco industry rank among the top ten revenue-generating companies with British co-ownership 

In Ukraine, there are 5,170 companies with co-owners from the United Kingdom. The largest number of such companies is registered in Kyiv – 2,367. A significant presence is also recorded in Kyivska (1,043), Odeska (220), Donetska (212), and Dnipropetrovska (188) Oblasts.

Within the analysed dataset, 35 companies with British co-owners have sanction-related notices linked to their participants or ultimate beneficial owners. Additionally, 41 companies have ownership structures that include, alongside representatives of the analysed country, participants or ultimate beneficial owners from Russia.

A total of 546 companies are part of, connected to, or associated with 185 corporate groups. At the same time, a company may belong to several groups simultaneously, or a single group may include multiple companies. The largest representations within the dataset are associated with the following corporate groups: VR Capital Group (36), Apteka Nyzkyh Tsin (35), and UkrProduct Group (30).

Note: In general terms, a corporate group refers to a set of companies operating in the financial and/or industrial sectors that are owned by one or more ultimate beneficial owners and interact to achieve shared objectives, such as generating financial returns or optimising production processes (hereinafter referred to as a “corporate group” or “group”). This is analytical information provided by YouControl.

The revenue of 498 companies with UK representation in the ownership structure of Ukrainian companies amounted to UAH 311.2 billion for the first three quarters of 2025.

The highest revenue for the period – UAH 52.3 billion – was reported by the metallurgical enterprise PJSC ARCELORMITTAL KRYVYI RIH, part of the ArcelorMittal corporate group. In addition to the group’s key figure, Lakshmi N. Mittal, the company’s beneficiaries include two individuals holding United Kingdom citizenship.

Another major player in the metallurgical sector, JSC NIKOPOL FERROALLOY PLANT, also reported substantial revenue of UAH 5.11 billion. According to data from the Unified State Register, the company’s beneficiaries include two UK nationals. The company is further linked to the Privat corporate group of Hennadii Boholiubov and Ihor Kolomoisky, as well as to Viktor Pinchuk’s EastOne Group. This affiliation is substantiated by an analysis of the company’s ownership structure, which indicates that Viktor Pinchuk, his spouse, and their children indirectly hold a combined 18.63% stake in the company’s authorised capital. Another indirect shareholder, holding 24.79% of the authorised capital, is Yurii Kiperman, who, according to the DoZorro article “Where Did the 860 Million Go: How Funds Are Spent on Telethons, Programs for ‘Dim’ and The Gaze” dated February 7, 2025, is described as a long-standing business partner of Kolomoisky.

It is worth recalling that Mr Kolomoisky has been under sanctions imposed by the National Security and Defense Council of Ukraine since February 2025. The YouControl “Check of individuals” module allows users to review detailed information on the duration of restrictive measures, the date each sanction was imposed, the relevant presidential decree, and the validity period of the sanctions, available in the Sanctions of the NSDCU section. Additionally, during an individual check, the platform displays international sanctions identified through name matching in the Sanctions section of the left-hand navigation menu.

Screenshot from the YouControl system, Sanctions of the NSDCU section

Two companies belonging to the Rozetka corporate group – ROZETKA.UA LLC and OTK EUROPLUS LLC — ranked among the top ten companies by revenue for the first three quarters of 2025, with combined revenue of UAH 30.2 billion. Both entities list Cypriot legal entity Temania Enterprises Ltd. as a shareholder. These companies were included in the dataset of the largest Ukrainian companies with UK co-owners because their ultimate beneficial owners, Vladyslav, Iryna, and David Chechotkin, have a United Kingdom registration address.

Substantial revenue for the same period was also reported by companies in the tobacco sector, including BRITISH AMERICAN TOBACCO SALES AND MARKETING UKRAINE LLC, ENTERPRISE WITH FOREIGN INVESTMENTS "IMPERIAL TOBACCO UKRAINE", and PJSC "A/T B.A.T.-PRILUCKY TOBACCO COMPANY".

MCDONALD'S UKRAINE LTD, which operates a nationwide food service network of more than 100 restaurants, reported revenue exceeding UAH 15 billion. The company’s shareholder is the UK-based legal entity MCD EUROPE LIMITED.

SPECTR-AGRO LLC generated more than UAH 9 billion in revenue for the first three quarters of 2025. The company’s shareholder is the UK company OSCAR AGRO LIMITED, and the business forms part of the Sumitomo Corporation corporate group.

The international connections of OSCAR AGRO LIMITED can be examined using YC World, an international platform for business relationship search and visualisation. The tool enables the identification of hidden insights, including risk factors associated with an entity’s connections, such as exposure to high-risk jurisdictions that by default include Russia, Belarus, Iran, Cuba, North Korea, Syria, and China. In this case, the British agricultural company demonstrates a potential link to Russia and a historical link to China.

Screenshot from the YC World platform illustrating the business connections of OSCAR AGRO LIMITED

EURO RECONSTRUCTION LLC was included among the top ten largest Ukrainian companies by revenue for the first three quarters of 2025, with UK co-owners, reporting revenue exceeding UAH 4 billion. The company’s ultimate beneficial owner is former Member of Parliament Anatolii Shkribliak.

In total, there are 5,170 Ukrainian companies with co-owners from the United Kingdom, accounting for approximately 34% of the 15,358 legal entities associated with the five analysed jurisdictions characterised by simplified business registration or preferential tax regimes in the ownership structures of Ukrainian companies – namely Cyprus, the United Kingdom, Lithuania, Latvia, and Estonia. By this measure, the United Kingdom ranks second only to Cyprus, with 7,174 companies.

A total оf 498 companies from the analysed dataset with UK representation in their ownership structures reported positive revenue for the first three quarters of 2025. The combined revenue of these enterprises reached UAH 311.2 billion. The top ten companies by revenue are primarily active in online commerce, heavy industry, and the tobacco sector.

Subsequent parts of the YouControl study will examine regional patterns and the largest companies by revenue involving Cypriot and Baltic co-owners.

Previous research: IT, consulting, and wholesale trade: over 25.5 thousand Ukrainians are company owners in the United Kingdom