This Review assesses Ukraine’s investment climate vis-à-vis the country’s energy sector reforms and discusses challenges and opportunities in this context. Capitalising on the OECD Policy Framework for Investment and other relevant instruments and guidance, the Review takes a broad approach to investment climate challenges facing Ukraine’s energy sector. It covers investment trends, the current policy and regulatory framework, the legal and institutional framework for investment protection, investment promotion and facilitation, public governance, energy infrastructure and policies relating to promoting and enabling responsible business conduct. The analysis and recommendations in the Review can help policy makers strengthen the enabling conditions for investment in Ukraine’s energy sector.