Kyivstar Paves Way for Ukrainians to Invest in a National Champion on Nasdaq

GDANSK, Poland – June 26, 2026 – In a landmark move aimed at democratizing investment and strengthening Ukraine's economic future, Kyivstar Group Ltd. and the National Securities and Stock Market Commission of Ukraine (NSSMC) have signed a Memorandum of Cooperation. The agreement, unveiled at the prestigious Ukrainian Recovery Conference, establishes a collaborative framework to make the Nasdaq-listed shares of Ukraine's leading digital operator accessible to investors within Ukraine.

This strategic partnership represents a pivotal step toward integrating the nation's financial infrastructure with the global economy. By exploring pathways for citizens to invest in a homegrown company they interact with daily, the initiative seeks to foster a new culture of financial participation and channel domestic capital into national growth. The agreement was signed by Oleksandr Komarov, President of Kyivstar Group, and Oleksii Semeniuk, Chairman of the NSSMC, signaling a unified commitment from both the private sector and state regulators to modernize the country's investment landscape.

A New Era for Ukrainian Investors

For millions of Ukrainians, Kyivstar is a household name, providing essential mobile, internet, and digital services. The new initiative aims to transform this relationship from one of customer to one of shareholder, empowering citizens to participate directly in the success of a national corporate leader.

“Ukrainian investors deserve greater opportunities to participate in the success of homegrown companies through transparent, market-based mechanisms that meet global standards,” said Oleksandr Komarov, President of Kyivstar Group. “We are committed to initiatives that strengthen Ukraine’s capital markets and facilitate their integration into the international financial ecosystem.”

The sentiment was strongly echoed by the state regulator. “Ukrainians are accustomed to being customers of leading companies, but they should also have more opportunities to invest in them,” stated Oleksii Semeniuk, Chairman of the NSSMC. “Our goal is to create clear, transparent, and secure mechanisms that enable citizens to allow for this.”

This initiative arrives at a crucial time for building financial resilience in the country. While a 2021 study showed improvements in Ukraine's financial literacy, it also highlighted a need for greater financial knowledge and engagement. By providing a tangible and familiar investment opportunity, the Kyivstar-NSSMC partnership could act as a powerful catalyst, encouraging more Ukrainians to engage with capital markets. The plan is to leverage Ukraine's "established brokerage channels," which will likely spur further development and modernization of the local financial infrastructure to handle increased retail participation in international securities.

Building a Bridge to Global Markets

The memorandum is more than a standalone agreement; it is a key component of Ukraine’s broader strategy for post-war economic recovery and integration with the European Union. The NSSMC is already spearheading significant reforms to align the country’s capital market legislation with EU standards. In early June 2026, the Commission presented a detailed roadmap for 2026-2027, outlining plans to modernize corporate law, enhance investor protection, and implement hundreds of EU legal acts.

This ambitious reform agenda creates a fertile ground for the Kyivstar initiative. The partnership will involve a meticulous joint assessment of the regulatory, legal, and organizational requirements needed to facilitate cross-border investment, ensuring full compliance with both Ukrainian legislation and U.S. federal securities laws. This rigorous approach is designed to build a secure and transparent bridge between Ukraine's domestic investors and the global marketplace.

This effort is bolstered by strong international support. In 2025, the European Bank for Reconstruction and Development (EBRD) signed a similar MoU with Ukrainian authorities to help develop an integrated capital market infrastructure. The EBRD's deep investment in Ukraine's recovery underscores the international consensus that robust and accessible capital markets are essential engines for financing reconstruction and sustainable economic growth. By enabling local investment in an internationally listed entity, this initiative promises to enhance liquidity in the domestic market and signal to global investors that Ukraine is open for business and committed to adopting international best practices.

Kyivstar: A Pioneer for Corporate Ukraine

As the first Ukrainian company to list on a U.S. stock exchange, Kyivstar Group has consistently acted as a trailblazer. Its debut on Nasdaq (ticker: KYIV) in August 2025 was a historic moment, and this latest move to bring its shares back home reinforces its role as a corporate pioneer dedicated to the nation's prosperity.

Kyivstar's parent company, VEON, has already pledged a USD 1 billion investment in Ukraine through 2027, focusing on infrastructure upgrades, technological innovation, and strategic digital acquisitions. This MoU aligns perfectly with that long-term commitment. By fostering a domestic shareholder base, Kyivstar not only strengthens its brand loyalty but also helps build what VEON Group CEO Kaan Terzioglu described as making capital markets “engines of national resilience.”

This initiative could serve as a powerful blueprint for other major Ukrainian companies. As more firms look to global markets for capital, the framework developed by Kyivstar and the NSSMC could offer a clear path for maintaining strong ties with domestic stakeholders. It demonstrates a model where global reach and local ownership are not mutually exclusive but can be mutually reinforcing. International precedents, such as dual listings or the use of depositary receipts in other emerging economies, show that such mechanisms are vital for mature capital markets, and Ukraine is now actively paving its own path forward.

The Path Forward: Regulation and Reality

The signing of the Memorandum of Cooperation marks the official start of a complex but critical journey. The immediate focus for Kyivstar and the NSSMC will be the "preliminary regulatory and legal assessment." This phase will involve navigating the intricacies of cross-border securities transactions, foreign exchange controls, and the harmonization of investor protection standards under two different legal jurisdictions. The NSSMC’s ongoing internal restructuring, aimed at aligning its supervisory functions with global IOSCO principles, will be instrumental in ensuring the resulting framework is robust and trustworthy.

Successfully implementing this vision will require a concerted effort to enhance Ukraine's brokerage infrastructure and bolster investor education programs, areas already targeted by the National Bank of Ukraine's long-term financial literacy strategy. The collaboration between a leading public company and the chief market regulator provides a powerful engine to drive these necessary advancements. This partnership is a clear declaration of intent to build a modern, inclusive, and globally connected financial future for all Ukrainians.