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renewed war.
“I would love to invest into Ukraine, but if there is a ceasefire than I think most investors will wait at least five years before committing, as they need to be sure that the war won’t break out again in six months’ time,” one leading international fund manager told bne IntelliNews on the condition of anonymity.
Ukraine’s international partners also remain very reluctant to seize the $300bn of frozen Central Bank of Russia (CBR) reserve money, and earlier this year said that possibility was now off the table.
The US also seems to have accepted this decision and has proposed to use the profits earned by the frozen reserve money to back a bond issue of some $40bn – a scheme that seems to be moving ahead. Nevertheless, while $40bn is a significant amount, it remains well short of the hundreds of billions Ukraine will need to completely recover from the damage the war has inflicted on the economy.
Zelenskiy also said the shift to the right in the recent European elections was a problem for support for Ukraine as many of the right-wing parties are less keen to support Ukraine’s struggle against Russia.
“I think the most important thing is that when making their choice people do not just vote for some pro-Russian populist slogans. I think this is dangerous. Because this is dangerous not for Ukraine. We are already in the most dangerous situation: we are at war. The radical pro-Russian slogans also pose a threat to your own countries," Zelenskiy said.
EU accession
The one positive development to have surfaced in recent weeks is the EU seems keen to accelerate the start of Ukraine’s EU accession talks.
Zelenskiy said that Ukraine has fulfilled all the conditions for the start of negotiations on membership in the European Union and formal negotiations should begin in June.
"No matter how the political mood in Europe changes, the fact of our reality is that all Europeans, without exception, and every nation that shares the common values of the whole of Europe and wants to live like us, live in peace," he said during the opening ceremony of the Berlin conference. "Ukrainians are a nation like our neighbours in Moldova, like the people of Georgia, like the Balkan states and other states that respect Europe, freedom and the rule of law."
Zelenskiy also expressed confidence that "the time will surely come for a free Belarus. Belarus in Europe."
Short-term needs
The Berlin recovery conference has produced nothing concrete that will materially improve Ukraine’s position. The government is still living hand to mouth.
For the second year in a row, Ukraine is drawing up a budget with a record
18 UKRAINE Country Report July 2024 www.intellinews.com