Odesa region is among the leaders in Ukraine in terms of the number of companies with Baltic owners

The YouControl service counted 983 companies with Estonian co-owners in Ukraine, most of which are registered in Kyiv.

According to analysts, there are 486 such companies in the capital.

Also, a significantnumber of them were recorded in Lviv (58), Donetsk (49), Dnipro (47) and Odesa (46) regions.

Out of the sample, 28 companies with co-owners from Estonia have notifications of sanctions related to their participants or ultimate beneficial owners. In addition, 26 companies have participants or ultimate beneficiaries from Russia in their ownership structure, in addition to representatives of the country under investigation. 102 companies with individuals and legal entities registered in Estonia among their owners are part of 40 corporate groups. Only 115 companies with Estonian co-owners disclosed positive revenue for the 3rd quarter of 2025. The total amount is UAH 28.5 billion.

There are 1,407 companies with Lithuanian co-owners in Ukraine. As in the case of Estonia, most of these companies are registered in Kyiv - 723. A significant number of them were also registered in Kyiv (84), Odesa (72), Dnipro (56), and Lviv (45) regions.

Out of the sample, three companies with Lithuanian co-owners have notifications of sanctions related to their shareholders or ultimate beneficial owners. In addition, 24 companies have participants or ultimate beneficiaries from Russia in their ownership structure, in addition to representatives of the country under investigation. 162 companies with Lithuanian co-owners are affiliated with 32 corporate groups.

Among the companies that published financial results for the three quarters of 2025 with Lithuanian co-owners, 135 companies received more than zero revenue. The total amount amounted to UAH 53.7 billion.

There are 1,171 companies with Latvian co-owners in Ukraine. Most of these companies are registered in Kyiv - 641. A significant number of them were also recorded in Kyiv (67), Lviv (66), Odesa (57), and Dnipro (54) regions.

Out of the sample, 19 companies with co-owners from Latvia have notifications of sanctions related to their representatives. In addition, 35 companies have participants or ultimate beneficiaries from Russia in their ownership structure, in addition to representatives of the country under investigation.

75 companies with Latvian co-owners are members of, have connections with, or are related to 36 corporate groups.

104 companies with representatives from Latvia in their ownership structure received a total of UAH 28.7 billion in revenue in the first three quarters of 2025.

Over the past four years, analysts say, the presence of the Baltic states in Ukrainian business has grown significantly. In 2022-2025, the largest increase was recorded by Estonia (by 23%) and Latvia (by 20%), which indicates the growing interest of these jurisdictions in the Ukrainian market in the context of a full-scale war. At the same time, companies with Lithuanian co-owners demonstrated the highest financial results among the Baltic countries that submitted financial statements - UAH 53.7 billion in revenue for the three quarters of 2025. For comparison, the figure for Latvian residents was UAH 28.7 billion, and for Estonian representatives - UAH 28.54 billion.

Кирило Бойко