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 Oct 7, 2022
Vladimir Putin has little reason to celebrate on his seventieth birthday
Vladimir Putin marks his seventieth birthday on October 7 but the Russian ruler has little reason to celebrate as his disastrous Ukraine invasion continues to unravel leaving Russia increasingly internationally isolated.
UkraineAlert Oct 3, 2022
Is Russia preparing to target vital Norwegian energy exports to Europe?
By Thomas S. Warrick
Recent drone activity close to Norwegian energy infrastructure has sparked calls for urgent security measures to prevent potential Russian sabotage of vital oil and gas exports to Europe in the coming months.
UkraineAlert Sep 30, 2022
Putin denounces imperialism while annexing large swathes of Ukraine
By Peter Dickinson
Russian President Vladimir Putin has officially annexed four regions of Ukraine while denouncing Western imperialism and proclaiming Russia as the leader of a global “anti-colonialism movement.”
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.