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The thesis is devoted to the analysis of media representation of Russian and Ukrainian state-owned enterprises in the European media. Non-specialized media sources from Germany, the Czech Republic, and Poland are selected as case studies and 4 data samples of 340 articles altogether are taken. With the application of the content analysis technique, the thesis answers several research questions. First, the question of which representation image (geoeconomic or business) prevails in media is addressed. Second, the difference in representation between the Ukrainian and Russian state-owned enterprises is demonstrated. Third, the thesis shows how the representation of state enterprises changes within the 2007-2022 timeframe. Keywords Russia, state-owned enterprises, Gazprom, European media, media representation, Germany, Poland, Czech Republic, content analysis, Ukraine, geoeconomics, state capitalism. Title European media representation of Ukrainian and Russian state enterprises.