The discussions at the World Economic Forum in Davos were a stark reminder of how interconnected the global economy is, and how Ukraine’s stability — or lack thereof — affects us all. From military aid to economic sanctions, the steps we take now will shape the future not just for Ukraine, but for the world.
The war Russia has unleashed on Ukraine is not only a threat to our country, but also a destabilizing force for the entire world economy. One of the clearest signs of this disruption was the unprecedented surge in global wheat prices, soaring to over $450 per ton in spring 2022, driving hunger across the globe. Or consider the speculative spike in gas prices last year when Russia attacked Ukraine’s underground gas storage facilities.
Every missile Russia targets at Ukraine is a strike at the heart of the global economy. If we are serious about global stability, we must address the root cause: Russia’s aggression. As long as instability persists in Ukraine, it will reverberate around the world.
"Every missile Russia targets at Ukraine is a strike at the heart of the global economy."
Here are the key takeaways from Davos that underscore the shared responsibility we all have in securing Ukraine’s future.
First, military and economic aid have been, and must remain, at the forefront of our efforts. In partnership with governments, businesses, and financial institutions, we’ve created a robust ecosystem that has kept Ukraine standing. This support drives recovery and development, particularly in defense technology, and it has allowed Ukraine’s economy to stay afloat in the face of unrelenting war. As “The Economist” rightly put it, Ukraine is winning the economic war — an accomplishment that belongs to all of us.
Second, sanctions and blocking Russia’s shadow fleet have long been vital tools in the fight against Russian aggression. U.S. President Donald Trump’s recent comments in Davos about Russian oil are a step in the right direction. The numbers back it up: According to the Kyiv School of Economics, Russia has lost a staggering $78.5 billion in oil export revenue since December 2022 due to sanctions.
The private sector must play its part too. I call on business leaders worldwide to withdraw from the Russian market. Such actions are as effective as sanctions, delivering a direct blow to the Russian economy. The idea that business is somehow apolitical is outdated — businesses are powerful forces that can shape outcomes, for better or for worse.
And third, a strong economy supports a strong military. That’s why our vision for a self-sufficient economy is grounded in five key steps: expanding export logistics, restoring energy capacities, confiscating Russia’s sovereign assets to support Ukraine’s recovery, investing in the defense industry and Ukrainian companies, and encouraging the return of Ukrainians to Ukraine.
While the Ukrainian government has focused on industrial policy — contributing to economic growth even in the third year of full-scale war, with a projected 3.6% growth rate in 2024 — private companies have an equally critical role in shaping long-term security guarantees for Ukraine.
Security measures have already shown their value. Take the Black Sea Grain Corridor, for example. Initially blocked by Russia, the corridor was only reopened when we secured military protection for the routes and installed air defense systems to safeguard export infrastructure. This allowed Ukrainian exports to grow by 15% last year.
To kickstart Ukraine’s large-scale reconstruction and stabilize the global economy, Ukraine needs long-term security guarantees. This is not just a Ukrainian issue — it’s a global responsibility, one shared by Ukraine, its partners, and the private sector.
Editor’s Note: The opinions expressed in the op-ed section are those of the authors and do not necessarily reflect the views of the Kyiv Independent.
Stephan Jensen
