Ukraine is not receiving military aid by leaving its mineral wealth as collateral

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The claim that Ukraine has pledged its mining wealth to the financial company BlackRock to receive military aid is baseless. Fact Check explains that the BlackRock company and the Ukrainian government will cooperate to set up a fund for the reconstruction of the country after the end of the war.


In the conspiracy networks, the claim is circulating that “Ukraine’s mining wealth has been pledged to the infamous Black Rock company to receive military aid.”

As is often the case with conspiracy theories, this claim is not accompanied by any kind of evidence, reasoning or sources. The lack of evidence seems to be redeemed with an anti-Semitism taken for granted by the reader. The latter must read the label “Jew” and be ready immediately to accept as true any evil conspiracy, even in the absence of any proof.

Faktoje found no international media reports mentioning any plan to use Ukraine’s mineral or natural resources as collateral for military aid to BlackRock.

The Financial Times reported in June this year that the American investment company BlackRock, along with the financial company JPMorgan Chase, are helping the Ukrainian government to set up a post-war reconstruction fund.

The main purpose of creating this fund is to attract state and private capital to implement large business projects in Ukraine.

The Ukrainian Development Fund is still in the planning stage and is not expected to start operating until after the end of the war with Russia.

In March 2023, the World Bank estimated that Ukraine would need $411 billion to recover from the war, but this figure has risen as Russian attacks continue.

According to the Financial Times, BlackRock and JPMorgan are not being paid for their services in setting up this fund, but their involvement will give them investment opportunities in Ukraine ahead of other investors.

So the BlackRock company will cooperate with the Ukrainian government to set up a post-war reconstruction fund, not to provide military aid. In return, it will have early access to the country’s investment market. Not a single article on this deal mentions collateral of any kind, much less Ukraine’s natural or mineral resources.

It should also be clarified that BlackRock is also involved in numerous financial investments in Russia. In January of this year, the company disclosed the figure of 18.2 billion dollars as the value of Russian assets owned by its clients.