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Ukraine will still defeat Russia, even with a winter energy shortage, say members of Kyiv-based American Chamber of Commerce

MarketWatch logo MarketWatch 12/8/2022 James Rogers
© AP

As Ukraine scrambles to fix its energy infrastructure in the wake of devastating Russian missile attacks, businesses in the country remain confident in Kyiv’s ability to win the war.

Even as Ukraine faces the prospect of a winter with a disrupted energy system, members of the Kyiv-based American Chamber of Commerce say that Kyiv will prevail over Moscow.

In the Chamber of Commerce’s latest business climate survey, 94% of companies said that a possible winter energy blackout won’t prevent Ukraine from winning the war.

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Some 122 CEOs and top managers from AmCham Ukraine member organizations took part in the survey, which was conducted between Nov.28 and Dec. 7, 2022. Of the CEOs and managers surveyed, 95% believe Russia should pay war reparations to Ukraine.

Instability with electricity, water, mobile network, or heat supply were cited as the biggest business challenges by 87% of respondents, safety and security of employees by 74%, logistics and transport by 43%, decline in partners’ businesses by 32% and absence of clients or orders by 22%.

The executives were also asked when they think Ukraine’s post-war rebuilding and reconstruction will begin. Some 57% of respondents think it will start in 2023, 31% in 2024, and 6% in 2025.

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In October, a joint assessment by the Ukrainian government, the European Commission and the World Bank estimated that the current cost of recovery and reconstruction in Ukraine is $349 billion. That figure is expected to grow as the war continues, they added.

The American Chamber of Commerce in Ukraine is an affiliate of the U.S. Chamber of Commerce. The organization was founded in 1992, a year after the country’s independence. 

One of the highest profile members of the American Chamber of Commerce in Ukraine is McDonald’s Corp. The company paused its operations in Ukraine after Russia launched its invasion on Feb.24, but began reopening restaurants roughly six months later.


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