BlackRock tapped to help design Ukraine recovery plan, raising European concerns

BlackRock, the world’s largest asset manager, was enlisted to help build Ukraine’s postwar recovery strategy after a mid-December meeting at the firm’s New York headquarters with Ukrainian officials, according to three officials familiar with the conversation. The session is said to have kick-started work on identifying funding sources and investment priorities, and more details are expected at the World Economic Forum in Davos.

The firm’s involvement has prompted questions in Kyiv and several European capitals, seven European and Ukrainian officials told reporters, with some expressing doubt that BlackRock could attract the large-scale private investment envisioned and warning its participation might deter other investors.

Confidential slide presentations viewed by The New York Times show earlier BlackRock efforts to raise reconstruction funds struggled: an April 2023 slide projected $50 billion to $80 billion, a 2024 slide cut the target to $15 billion to $30 billion, and the project was shelved in mid-2025.

European officials also raised concerns that government money could end up in a privately run American fund and noted Europe is expected to provide most recovery financing. The move has reinforced perceptions that the Trump administration is steering reconstruction toward American business interests.

Key Topics

World, Blackrock, Ukraine, Donald Trump, Volodymyr Zelensky, World Economic Forum