Among the key puzzles of Ukraine’s post-communist development have been its poor economic performance and an inability to develop a fully rule-of-law state. The two issues are related, my research suggests, by way of “the Ukrainian oligarchy”, the country’s dominant political economy governance regime. Even before the latest Russian invasion, therefore, it was clear that reform of this institution would be crucial, not only for Ukraine to achieve greater prosperity and security, but also to ensure its survival as a sovereign nation state in a “bad neighbourhood” over the longer term. But what might such institutional reforms look like in practice? How would they work? And will they be helped or hindered by the multiple, accelerated political and institutional transformations of Ukrainian society in the latest phase of the Russo-Ukrainian war?