­Not for those of a nervous disposition!

It’s difficult to believe it’s still mid-winter, judging by those rain-swept streets and grey, sad tenements in the heart of Warsaw. And this makes it all the more pleasant to think about sun-bathed slopes with freshly groomed snow, followed by relaxing evenings in an exclusive mountain hotel. But it is not only in Austria, Italy and France that such hotels and the skiing infrastructure which goes with them are a good source of business. Poland and Bulgaria are also deserving of attention, despite the latter being much better known for its golden beaches than snow-covered ski-slopes (‘Gold in the snow’, p.38).But if it’s a rush of adrenaline you’re looking for, downhill skiing and snowboarding are not the only ways to seek out thrills. Doing business in the Ukraine is itself a kind of extreme sport. It is a market with tremendous possibilities, but also one of considerable challenges. We summarize the health and potential of each of the Ukrainian rea