Pritzker on Black Sea exports: Investments could help Ukraine earn up to $5 billion more per year

U.S. Special Representative for Ukraine’s Economic Recovery Penny Pritzker believes that U.S. support for the Ukrainian economy is no less important to defeating Russia than military aid. She wrote about this in a column for The Hill.

According to her, economic assistance creates the basis for the greatest return on investment in terms of government revenue for Ukraine.

“Think about the Black Sea. If we can combine investments in infrastructure, defense, and the private sector, we can help Ukraine increase its grain and steel exports to 8 million tons per month, which could add up to $5 billion a year to Ukraine’s state treasury, reducing its dependence on international support,” the special representative said.

Pritzker added that “Russia’s aggressive war poses a serious threat not only to Ukraine, but also to the United States and Europe, our economic security, and the very ideas of freedom and democracy that hold our world together.”

“Putin’s war is aimed at restoring a dictatorial, corrupt empire in the heart of Europe that seeks to undermine both NATO and the European Union,” she said.

The Special Representative noted that with the help of America, along with more than 50 allies and partners around the world, “Ukraine’s brave soldiers have withstood the onslaught of the Russian Federation, regained more than 50% of their territory and significantly degraded Moscow’s military capabilities.”

According to her, the US support “has armed Ukrainians to defend their land and Europe, while modernizing the US defense industrial base, making them better prepared for any eventuality.”

Pritzker is convinced that US support for the Ukrainian economy is no less important than security assistance, as the outcome of the war depends on its resilience. “Economic resilience is the core principle of Ukraine’s military efforts, and security and economy form a double helix intertwined in the effort to defeat Russia on the battlefield,” the US special representative emphasized.

According to her, if the U.S. Congress approves funding for Ukraine, Kyiv will be able to attract much more funds from other donors. “Our support for the IMF’s Ukraine program generates additional support from donors around the world. Our request to the Congress for $11.8 billion will help attract almost three times as much money from other donors,” she said.

She added that Putin has failed to break the brave Ukrainian military – even in winter. “He has focused his efforts on destroying the Ukrainian economy in order to achieve what he cannot achieve on the battlefield. The Kremlin is doing everything it can to cut Ukraine off from global markets for grain, steel, technology and energy,” Pritzker added.

She pointed out that the U.S. security and economic packages constitute the “core of support for Ukraine.” “If we act now, this package will send a signal to friends and foes alike of American leadership, strength and resolve when it comes to Ukraine’s victory and its future as a free, independent, democratic, economically prosperous state integrated into the EU and NATO,” Pritzker said.

As reported, Pritzker paid a visit to Ukraine last week, during which she met with the country’s top leadership.

Tags: Ukraine, export, Black Sea grain corridor