On November 26, economist Oleh Penzen appeared on the Center for Public Analytics "Vezhachest" to discuss Ukraine’s financial situation and the ongoing international talks related to the war and external support. The discussion was prompted by recent scandals over leaked calls involving Russian officials and the roles of the US and Europe in these matters.
According to Penzen, for Western politicians, the war is primarily a business deal, while for Ukrainians, it is existential. He emphasized that the Trump administration sees Ukraine mainly as a tool for advancing American interests, and the EU’s main priority remains the security of its own borders.
Discussing the prospects of negotiations, Penzen noted that the US and EU’s positions often depend on coincident interests with Ukraine. He highlighted the influence of internal Republican attitudes in the US and noted that most financial assistance will not be direct, but will instead pass through European institutions in the form of bonds or special funds, ensuring control and minimizing corruption.
The expert also elaborated on why the unfreezing of Russian assets remains a contentious issue between the US and EU, and how lending mechanisms for Ukraine depend on political consensus in Europe and future reparations. Penzen stressed that Ukraine’s debt burden is increasing, but the conditions are better than market terms and appropriate for the current wartime situation.
In conclusion, although negotiations are ongoing and funding decisions remain uncertain, the EU is seeking ways to support Ukraine. The main oversight mechanisms are European structures, as direct financial assistance to Ukraine is unlikely.
