Ukraine’s heroic defense of its sovereignty against the full-scale Russian invasion has inspired the world. But the costs are steep—thousands of Ukrainians have died and Kyiv runs an estimated $5-7 billion monthly deficit to defend the country. According to the World Bank, Ukraine’s economy may contract by 45 percent in 2022; President Zelenskyy has said economic losses from Russia’s war are at least $600 billion. Kyiv will need substantial financial assistance to sustain its defenses, stabilize its economy, and eventually rebuild the country. Ensuring that Vladimir Putin fails in Ukraine—so that the West does not have to face his aggressive designs against the United States and its NATO allies in eastern Europe—makes these questions very important to US policymakers.
How can the West best support Ukraine’s economy right now? What might Ukraine’s economy look like after the war?
H. E. Serhiy Marchenko, Minister of Finance of Ukraine, joins Josh Lipsky, senior director of the Atlantic Council’s GeoEconomics Center, for a one-on-one discussion on how to sustain and rebuild Ukraine’s economy. Nataliya Katser-Buchkovska, co-founder of the Ukrainian Sustainable Fund, offers introductory remarks.
Minister Serhiy Marchenko
Minister of Finance
Europe in crisis
War in Ukraine
In February 2022, Moscow launched an all-out invasion of Ukraine after a months-long military build-up, threatening the country’s sovereignty and its future. This existential moment for the country follows the 2014 Maidan revolution, a nexus for Ukraine’s Europe-focused foreign policy and reform efforts. The ensuing Russian invasion and occupation of Crimea, aggression in Ukraine’s east, and Kremlin disinformation efforts, cast a shadow over Ukraine’s independence.
UkraineAlert Sep 27, 2023
Ukraine’s counteroffensive is making real progress on the Crimean front
By Peter Dickinson
Ukraine’s escalating attacks in Crimea are steadily undermining Russia’s invasion and are a reminder that the Ukrainian counteroffensive is not limited to the relatively static front lines of the war, writes Peter Dickinson.
UkraineAlert Sep 20, 2023
Zelenskyy tells United Nations: Russia is committing genocide in Ukraine
By Taras Kuzio
Ukrainian President Volodymyr Zelenskyy told the UN this week that Russia is committing genocide in Ukraine. Efforts to legally prove genocidal intent will likely focus on the genocidal rhetoric of Putin and other Russian leaders, writes Taras Kuzio.
At the intersection of economics, finance, and foreign policy, the GeoEconomics Center is a translation hub with the goal of helping shape a better global economic future.
The Eurasia Center’s mission is to enhance transatlantic cooperation in promoting stability, democratic values and prosperity in Eurasia, from Eastern Europe and Turkey in the West to the Caucasus, Russia and Central Asia in the East.