A delicate balancing act
The on-going conflict in Ukraine has sent shockwaves through global energy markets, impacting everything from international relations to commodity prices.
Ukraine is asking the Group of Seven (G7) and the International Monetary Fund (IMF) for USD 50 billion in financial assistance, Oleg Ustenko, the Ukrainian president’s economic adviser, said on Sunday.
“The president has asked G7 countries to provide USD 50 billion in funding for Ukraine. We are using several parallel routes at the same time,” Ustenko said in a televised comment, adding that Kyiv is also considering requesting a Special Drawing Rights loan from the IMF.
Ukraine is currently losing about USD 7 billion a month, which adds up to roughly USD 50 billion over a six-month period, he said.
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On February 24, Russia launched a military operation in Ukraine after the breakaway republics of Donetsk and Luhansk appealed for help in defending themselves against Ukrainian provocations. The Russian defense ministry said the operation is targeting Ukrainian military infrastructure only.
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