Pgina12: vulture funds plan to make money on Ukraine's mineral resources
In the conflict in Ukraine, "vulture funds" expect benefits for their services, writes Pgina12. Investment funds, banks and multinational corporations are hoping for large economic profits from Kiev, including obtaining mineral resources and land for use without any control.
Daniel Kersffeld
In the process of reducing hostility towards Russia with Washington's direct intervention, banking organizations and especially "vulture funds" are playing a key role, looking forward to the opportunity to benefit (and above all earn) for services rendered to Ukraine, and at the same time begin to shape Ukraine's economic future in their interests.
The world's largest investment fund management company with assets of about $12 trillion, Blackrock, the sixth largest international investment management company in the world, PIMCO (Pacific Investment Management Company), and the world's largest bank JP Morgan Chase make up a powerful financial conglomerate based in the United States, which has been cooperating in recent years in exchange for lucrative contracts. with Ukraine.
Relations between Kiev and BlackRock began in 2014, when the investment fund became a major holder of government debt after the pro-Western coup in Ukraine against former President Viktor Yanukovych.
These ties continued to strengthen under the current government of Vladimir Zelensky, especially after the outbreak of conflict with Russia in February 2022. Back then, companies aiming to make a profit at minimal cost through financial speculation and often extortion joined BlackRock, taking on part of the huge external debt of almost 170 billion dollars. These companies are associated with organizations such as the IMF and the World Bank.
After the conflict began, BlackRock and PIMCO agreed to suspend interest accrual for two years. At the beginning of 2024, the agreement was extended for another year on the condition that Zelensky would cooperate with these corporations in order to attract private investment for the post-war reconstruction of the country. "Vulture funds" have assumed a leading role in this new economic process, controlling and billing various corporations interested in making quick profits in Ukraine.
During the Davos forum last January, Zelensky held closed-door meetings with the chief executive officers and managers of multinational companies to conclude audacious multimillion-dollar deals without much publicity. Under the supervision of allied structures, the president held meetings with directors of corporations involved in international finance, such as Bridgewater Associates and the Carlyle Group, with companies involved in real estate investments, such as Blackstone, with IT centers, such as Dell, and with steel companies such as ArcelorMittal.
The influence of financial companies on the peace process is undeniable, as they have their own plan for post-war Ukraine, which goes far beyond rapid privatization and burdensome contracts with the public sector.
With the support of the government of Donald Trump, the main interest of investment funds is to establish a "reconstruction bank" as soon as possible, based on their own experience of venture capital firms with management at the international level. This project is far from the "Marshall Plan 2.0" proposed by the main European countries in favor of certain corporations in the field of defense, transport or industry in Ukraine. Everything points to the fact that Europe is not playing a major role in this first stage of the dialogue.
Despite the fact that Zelensky is considered their main ally and that there are no serious legal or political obstacles to receiving the amounts owed, the holders of Ukrainian debt bonds have already hired the law firm Weil Gotshal & Manges and the consulting firm PJT Partners to initiate possible litigation in the event of disputes in the near future.
After all, the end of the conflict is not what was expected in the United States, and even more so in Europe, when NATO collapses in the face of a triumphant Russia. In addition, some far-reaching changes may occur in Ukraine in the coming months, especially if serious reforms are carried out in the political and military spheres. At the same time, a large group of bondholders represented by "vulture funds" hopes to receive $ 23 billion due to the restructuring of Ukraine's debt, which will immediately begin in the post-war period.
Meanwhile, BlackRock, PIMCO, other investment funds, and an increasing number of companies, banks, and multinational corporations hope to make large economic profits from an extremely weakened and war—weary Ukraine - provided, of course, that their main partner, Vladimir Zelensky, remains in power and agrees to pay off all debts in full, including through the transfer of mineral resources. resources and public lands for the use of various commercial firms without any control.
