A Strategic Economic Dialogue: Italy–Ukraine Fact Sheet

As Ukraine moves forward on its path to European Union membership, our new policy paper explores the evolving economic ties between Ukraine and Italy — a key EU partner. The analysis covers trade, services, migration, and investment, highlighting both challenges and opportunities for deeper integration.

Trade in Goods

Italy ranks among Ukraine’s top trade partners, though the relationship is asymmetric: Italy is Ukraine’s 7th largest export market, while Ukraine accounts for less than 0.5% of Italy’s trade. Ukraine’s exports have shifted from industrial goods (iron, steel) to predominantly agricultural products, due to wartime disruptions. Italy remains an important industrial hub for Ukrainian companies like Metinvest, while also supplying Ukraine with tobacco, machinery, and defense goods.

Services and Migration

Trade in services remains limited, but Italy consistently shows a positive balance. Meanwhile, human mobility has intensified: by mid-2025, nearly 390,000 Ukrainians legally resided in Italy — the third-largest non-EU community. Ukrainian refugees show high employment and education rates. Italy is also a significant source of remittances, contributing over 10% of Ukraine’s total inflow in 2024.

Investment and Business Ties

While direct Italian investment in Ukraine has been modest during the war, longstanding business links remain strong. Ukrainian firms operate major industrial assets in Italy, and 79 Ukrainian companies are tied to Italian partners. The Italian bank Intesa Sanpaolo owns Pravex Bank in Ukraine, underlining deeper financial integration potential.

Despite wartime setbacks, the foundation for strategic economic cooperation between Italy and Ukraine remains solid. Strengthening bilateral trade, investment, and people-to-people ties will be essential as Ukraine advances toward EU integration.

This brief is produced by Centre for Economic Strategy with the support of the Askold and Dir Fund as a part of the the Strong Civil Society of Ukraine – a Driver towards Reforms and Democracy project, implemented by ISAR Ednannia, funded  by  Norway  and  Sweden.  The  contents  of  this  publication  are  the  sole  responsibility of Centre for Economic Strategy and  can  in  no  way  be  taken  to  reflect  the  views the Government  of  Norway,  the Government of Sweden and ISAR Ednannia.

Check the page, that brings together analytical materials on Ukraine’s economic relations with EU countries, including data on trade, investment, and human capital.