How VR Capital Became Ukraine's Most Powerful Debt Player Amid War
VR Capital, a major investment firm, has become one of the most influential players in Ukraine’s corporate debt market. Founded in 1998 by Richard Deitz, the company now holds significant stakes in the debt of key Ukrainian state companies. Its role has grown even more critical during the ongoing war.
Richard Deitz first began working in Moscow in the mid-1990s before establishing VR Capital in 1998. The firm expanded its presence in Ukraine, particularly during the 2013-2014 Revolution of Dignity, when Deitz increased investments. By 2022, around 20% of VR Capital’s assets—estimated between $5 billion and $8 billion—were tied to Ukraine.
Despite Russia’s full-scale invasion in 2022, VR Capital remained invested in the country. The firm now holds substantial positions in the debt of Ukrainian Railways (Ukrzaliznytsia), Naftogaz, and Ukrenergo. Ukrzaliznytsia alone is currently negotiating with creditors over nearly $1.1 billion in international bonds. The war has severely impacted Ukraine’s infrastructure. In 2025, rail networks faced 1,195 attacks, while Naftogaz facilities were struck by 1,399 projectiles. VR Capital’s involvement in restructuring talks has positioned it as a key figure in stabilising these state-owned enterprises.
VR Capital’s continued presence in Ukraine highlights its long-term commitment to the country’s economy. As a major creditor, the firm plays a central role in debt negotiations for critical state companies. The outcome of these talks will shape Ukraine’s financial recovery amid ongoing conflict.
