Widespread attacks on Ukraine’s energy infrastructure have negatively affected every part of the economy. This is particularly true for the country’s SMEs. This flash report provides a snapshot of how SME’s are coping with extended power outages, higher costs and eroded business confidence.

In February 2026, Russia's invasion of Ukraine enters its fifth year amid intensified military pressure, inconclusive diplomatic engagement, and a severe energy crisis affecting millions. This scenario report sets out four plausible six-month scenarios based on varying interactions between military pressure and state capacity.

On September 28, 2025, Moldova holds elections that could determine whether it continues toward EU membership or shifts back into Russia’s orbit. This flash report examines the outcomes and what could they mean for Ukraine’s trade, energy ties, refugee protection, and security risks.

In the fourth year of the war, Ukraine faces a drastically different political environment. This report outlines three scenarios for the final six months of 2025. For each scenario, this report will assess possible military developments and their subsequent humanitarian impacts. It will also examine the broader economic, social, and political consequences.

This paper by Ukraine Sustainable Fund, produced with support from Mercy Corps, explores how voluntary carbon markets (VCMs) can help drive Ukraine’s postwar recovery and energy transition by unlocking green finance for renewable energy and sustainable recovery projects.

Due to the impact of the full-scale war, Ukraine’s power generation capacity remains impaired. This report explores how the energy crisis has affected the country’s SMEs. We identify businesses’ primary needs and the obstacles they face in attempting to achieve energy self-sufficiency. We also provide targeted recommendations to help the international community support SMEs in strengthening energy resilience, sustaining operations, and reducing vulnerabilities.

 У зв’язку з повномасштабною війною спроможність України виробляти електроенергію залишається обмеженою. У цьому звіті досліджується, як енергетична криза вплинула на МСП в Україні. Ми визначаємо основні потреби бізнесу та перешкоди, з якими вони стикаються у спробах досягнути енергетичної незалежності. Ми також надаємо рекомендації, щоб допомогти міжнародним організаціям та донорам підтримати МСП у зміцненні енергетичної стійкості.

Since the start of the full-scale war, missile and drone strikes have diminished Ukraine's energy generation capabilities. Small- and medium-sized farmers in particular are struggling with the resulting blackouts. This report examines the challenges facing farmers, their coping strategies, and the availability and effectiveness of support mechanisms. It offers considerations for programmatic interventions and looks ahead to what small- and medium-sized farms might encounter in 2025.