{"id":9125,"date":"2026-10-06T16:11:51","date_gmt":"2026-10-06T13:11:51","guid":{"rendered":"https:\/\/youcontrol.world\/resources\/?p=9125"},"modified":"2026-10-14T13:06:11","modified_gmt":"2026-10-14T10:06:11","slug":"uah-1-53-trillion-in-q3-2025-the-impact-of-cypriot-co-ownership-on-ukrainian-business","status":"publish","type":"post","link":"https:\/\/youcontrol.world\/resources\/blog\/uah-1-53-trillion-in-q3-2025-the-impact-of-cypriot-co-ownership-on-ukrainian-business\/","title":{"rendered":"UAH 1.53 trillion in Q3 2025: the impact of Cypriot co-ownership on Ukrainian business"},"content":{"rendered":"\n

YouControl analysts examined the role of countries with simplified business registration procedures or low tax rates in the ownership structures of Ukrainian companies. Co-owners from Cyprus are present in 7,174 Ukrainian companies. A regional breakdown, affiliation with corporate groups, and a detailed analysis of the largest enterprises with Cypriot co-owners are presented in the second part of the YouControl study. <\/strong><\/p>\n\n\n\n

The<\/strong><\/em> first part<\/strong><\/em><\/u> focused on a comprehensive analysis of co-owners linked to the United Kingdom.<\/strong><\/em><\/p>\n\n\n\n

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.<\/em><\/p>\n\n\n\n

Regional electricity distribution operators, the food industry, and retail: the top ten largest companies with Cypriot co-ownership by revenue.<\/p>\n\n\n\n

The largest concentration of companies with Cypriot co-owners is registered in Kyiv, 3,761 entities. Substantial numbers are also recorded in the Dnipropetrovska (588) and Odeska (415) Oblasts.<\/p>\n\n\n\n

Overall, 3,126 companies<\/strong> with Cypriot co-ownership are affiliated with 509 corporate groups<\/strong>. Within the analysed sample, the highest representation is observed among the corporate groups Privat<\/u><\/a> (293 companies), Dragon Capital<\/u><\/a> (121 companies), and Serhii Khrypkov and Andrii Hordiienko Group<\/u><\/a> (120 companies).<\/p>\n\n\n\n

Note: In general terms, a corporate<\/em> group<\/em><\/u><\/a> 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 \u201ccorporate group\u201d or \u201cgroup\u201d). This is analytical information provided by YouControl.<\/em><\/p>\n\n\n\n

Of the analysed entities, 1,595 companies<\/strong> with Cypriot residents<\/strong> among their participants, shareholders, or ultimate beneficial owners reported positive revenue for the first three quarters of 2025, collectively amounting to UAH 1.53 trillion<\/strong>.<\/p>\n\n\n\n

\"\"<\/figure>\n\n\n\n

The highest revenue, totalling UAH 42.21 billion, was generated by PrJSC MHP<\/u><\/a>, a core entity within the eponymous corporate group<\/u><\/a>. The company\u2019s ultimate beneficiary is Yurii Kosiuk, who served as First Deputy Head of the Presidential Administration of Ukraine from July<\/u><\/a> to December<\/u><\/a> 2014.<\/p>\n\n\n\n

NOVA POST LLC<\/u><\/a> reported nearly UAH 38 billion in revenue for the first three quarters of 2025. One of its shareholders is the Cypriot legal entity NP HOLDINGS LIMITED<\/u><\/a>. The aforementioned companies form part of the Nova Post<\/u><\/a> corporate group, led by key stakeholders Viacheslav Klymov and Volodymyr Popereshniuk.<\/p>\n\n\n\n

The aggregate revenue of two entities within the System Capital Management (SCM)<\/u><\/a> corporate group \u2014 DTEK ZAKHIDENERGO JSC<\/u><\/a> and JSC PIVDENNYI MINING AND PROCESSING PLANT<\/u><\/a> \u2014 reached UAH 53.63 billion. The ultimate beneficial owner of both companies is Rinat Akhmetov, a principal figure in the SCM corporate group, former Member of Parliament, and recognised as Ukraine\u2019s wealthiest individual according to NV\u2019s publication \u201cTop 30 Wealthiest. The Top Three Billionaires \u2014 How Akhmetov, Pinchuk, and Yatsenko Generate Their Wealth<\/u><\/a>,\u201d dated December 6, 2025.<\/p>\n\n\n\n

The top ten companies by revenue for the first three quarters of 2025 with Cypriot co-ownership include three major Ukrainian retail operators:<\/p>\n\n\n\n