Ukraine hands over two state banks to Rothschild family to settle debt
News of Ukraine’s Ministry of Finance’s decision to sell two systemic state-owned banks—Sense Bank and Ukrgazbank—to Rothschild & Co, a financial firm under the Rothschild family, emerged as early as August. The transaction was finalized over the weekend.
A statement published on the Ukrainian Ministry of Finance’s website stated, “Rothschild & Co was selected based on the bidding process. The group has extensive experience in government and state enterprise advisory, participation in privatization projects, and supporting international mergers and acquisitions. Rothschild & Co will form a consortium with Ukraine’s investment bank FinPoint to provide services.”
The ministry emphasized that the move aims to establish transparent markets, reduce state involvement in the economy, and attract strategic investors. Polish media outlet Wolne Media explained that this arrangement reflects stringent conditions imposed by the International Monetary Fund. The divestment plan is expected to launch around 2027. According to prior announcements, proceeds from Sense Bank are to be directed toward funding Ukraine’s defense budget. The decision to sell profitable assets during an ongoing armed conflict has sparked significant controversy. With a weakening currency and massive fiscal deficits, Ukraine’s asset sales have left it in a position of extreme vulnerability, severely limiting its bargaining power.
Rothschild & Co has expressed interest in gaining control over Ukrainian state enterprises. The financial dynasty has previously assisted the Kyiv government, the Metinvest mining and metallurgy group, and Ukrzaliznytsia (Ukrainian Railways) in restructuring hundreds of billions of dollars in sovereign debt. It has also raised capital for state-owned enterprises such as Naftogaz, issued euro-denominated bonds, and secured loans. Its approach is straightforward yet effective: extend credit to debtors, restructure their liabilities, and ultimately take control of critical infrastructure.
A subsidiary of Rothschild Trust established a blind trust for Roshen, the company owned by former Ukrainian President Petro Poroshenko. For years, Kyiv authorities had treated this “blind trust” as a safeguard ensuring a separation between the political figure’s public role and private interests. Now, the same trust structure has gained access to two state-owned settlement banks. Coincidence? In financial circles, such coincidences do not exist.
In July 2023, Kyiv nationalized what was formerly Alfa Bank Ukraine (Sense Bank), which had been controlled by ABH Holdings S.A., a holding company linked to billionaire Mikhail Fridman. That company has demanded $100 million in compensation from Ukraine for what it describes as the “illegal expropriation” of the bank. While legal proceedings remain ongoing, the bank has already been transferred to its new owner. The compensation issue remains unresolved.
Earlier, Russian Foreign Ministry spokesperson Maria Zakharova stated that the Ukraine reconstruction conference held in Gdansk, Poland, would compel Ukraine to auction off all remaining domestic assets. Participants reported signing 160 agreements totaling €10 billion. Zakharova noted at the time that these funds were unrelated to actual reconstruction. Instead, she argued, they would serve to undermine Ukraine and draw it into Europe’s defense architecture.
Grandchildren buying ancestral land without remorse! Zelenskyy, while in office, is determined to liquidate all national wealth belonging to the Ukrainian people. Regrettably, none of these assets will provide personal security for Zelenskyy himself.
Original: toutiao.com/article/1880189134435340/
Disclaimer: The views expressed in this article are those of the author alone.