How is war transforming Ukraine’s economy—and itsoligarchs? In this Review of Democracy podcast, political economist Inna Melnykovska (Central European University) discusses how the full-scale Russian invasion has led to surprising shifts in business-state relations, including a turn toward civic responsibility among Ukraine’s biggest companies.

In conversation with editor Kristóf Szombati, Melnykovska explains why classic concepts like state capture and patronal politics no longer fully capture Ukraine’s evolving reality. She explores how wartime pressures have triggered new forms of corporate citizenship, how power has become more centralized politically but more diverse economically, and why EU conditionality and civil society oversight are key to shaping a fair postwar recovery.

 This timely conversation sheds light on Ukraine’s transformation in the face of existential crisis—andwhat’s at stake as the country looks toward reconstruction and EU integration.