The Russian invasion has caused widespread destruction and loss of life in Ukraine and raised concerns among neighboring states about the potential escalation of the aggression. The protracted war triggered by the occupation has profound implications – not exclusively for the security and stability of the Central and Eastern European (CEE) region, but also for the rest of the world.

Ukraine has introduced numerous reforms between 2014-2019, which support macro-financial sustainability of the country. As a result, even during COVID-19, Ukraine went stronger with debt-to-GDP ratio at about 50%, sound banking system, improved corporate governance and higher openness and transparency. This helped Ukraine to remain resilient since the beginning of full-scale invasion by Russia.