Currency restrictions are a key obstacle to investment – Vodoviz

Head of Metinvest CEO's office says that without capital inflows, economic sustainability is at risk

At the Forbes Money forum held on May 30, 2025, in Kyiv, business and government discussed the investment climate in Ukraine. Among the key speakers was Oleksandr Vodoviz, Head of Metinvest Group’s CEO Office, who emphasized that the main obstacle to attracting foreign investment, apart from a full-scale war, is the currency restrictions imposed by the National Bank of Ukraine (NBU).

“We face this issue during negotiations with international lenders. For example, we are planning to build a 50 MW solar power plant at our enterprises and have found an institution willing to provide financing. However, when discussing the financial model, the question arises: ‘Your limit is EUR1 million per month. How are you going to return EUR50 million in investments?’ Under such conditions, repayment becomes unfeasible,” Vodoviz said.

According to him, in 2024, the volume of foreign direct investment in Ukraine amounted to $3.3 billion, of which only $500-600 million were “net” investments. For comparison, in 2021, the figure exceeded $7.8 billion.

“The Ukrainian economy is facing a critical shortage of investment, without which its sustainability is at risk. And without a stable economy, the country cannot win wars. This is a matter of the state’s existence,” he emphasized.

Vodoviz also noted that even in times of war, there are tools to attract capital: guarantees for investors, risk insurance, and participation in the Ukraine Facility program. But, according to him, Ukrainian companies are not yet allowed to participate in these mechanisms.

The head of the Metinvest CEO’s office called for a balanced policy.

“What would I advise the state? Today, we are witnessing a contraction of large businesses: plants and enterprises are shutting down, and everyone feels it. Yes, it is important to fill the budget, but it is just as important not to go too far, so that all those who are supposed to pay taxes at the end of the year make it that far,” Vodoviz summarized.

As GMK Center reorted earlier, Danylo Hetmantsev, Chairman of the Verkhovna Rada Committee on Finance, Taxation and Customs Policy, spoke at the Forbes Money forum in favor of currency liberalization of the National Bank. According to him, currency restrictions cannot be lifted due to the negative balance of payments, but the NBU can set certain currency restrictions with a margin.