Zelensky talked with top managers of the largest bank in the world: what was agreed

Inna Andalitskaya14:22, 02/11/23

An agreement was reached to involve JP Morgan employees in a group of advisers and representatives of the financial and investment sector of the capital market together with BlackRock.

President of Ukraine Volodymyr Zelensky discussed with the top management team of the world’s largest investment bank JP Morgan the issue of attracting private capital to the restoration of Ukraine.

According to the press service of the Office of the President, the head of state met with the leadership of the bank and took part in one of the largest annual investment summits organized by JP Morgan via video link.

Among the participants of the summit were representatives of 200 largest corporations, investors and financial companies.VIDEO OF THE DAYplay video

The parties discussed the creation of a platform for attracting private capital to the restoration of Ukraine and promising areas for the implementation of major investment projects in our country. In particular, it was about the sectors of “green” energy, IT and agricultural technologies.

The head of state noted that the current war has demonstrated certain weaknesses both in Ukraine and in other states. In particular, in connection with the attacks on the energy sector in Ukraine, they understand that it is necessary to diversify the electricity supply and develop renewable energy. And already during the war, Ukraine began the decentralization of energy and invites foreign investors to cooperate.

The President called the further development of the IT sector, which plays an extremely important role during the war, one of the important priorities. He also emphasized that Ukraine can make an even more significant contribution to the cyber and food security of the world.

For his part, Chairman of the Board, Chief Executive Officer of JPMorgan Chase James Dimon noted that the holding is proud of its longstanding support of Ukraine and is committed to making its contribution to the development of Ukraine.

“All JPMorgan Chase resources are available to Ukraine as it charts its post-conflict path to growth,” he said.

During the meeting, Zelensky and JP Morgan representatives discussed aid to Ukraine, as well as steps towards long-term growth after the war.

The importance of the memorandum of understanding signed on February 9 between the Ministry of Economy of Ukraine and JP Morgan on providing advice to the Ukrainian government on financial stabilization, obtaining sovereign credit ratings, managing state-owned liquidity assets, digitalizing the economy, and identifying opportunities for establishing close economic ties with Europe was also noted.

In addition, it was agreed to involve JP Morgan employees in a group of advisers and representatives of the financial and investment sector of the capital market together with BlackRock.

War in Ukraine and JP Morgan

JPMorgan Chase & Co is an American multinational financial conglomerate, one of the largest banks in the world. The Financial Stability Board (FSB) has recognized JPMorgan Chase & Co as the most important financial conglomerate in the world, and ranks first in the list of globally systemically important banks in the world. As the largest investment bank in the world and the largest commercial bank in the US, it is one of the “big four” US banks, along with Bank of America, Citigroup and Wells Fargo.

After the full-scale Russian invasion of Ukraine, which took place on February 24, 2022, already on March 11, 2022, the largest US bank JPMorgan announced that it was leaving Russia .

The largest US investment banks no longer service the public debt of the Russian Federation. We are talking about JPMorgan Chase and Goldman Sachs. The US Treasury has banned these financial institutions from conducting transactions.

JPMorgan Chase and Goldman Sachs traded heavily in Russian debt, but after Russia’s full-scale invasion of Ukraine on February 24, demand for operations plummeted. Soon banks completely stopped all operations.

As of January 10, 2023, four American banking giants – JPMorgan Chase & Co, Bank of America Corp, Citigroup Inc and Wells Fargo & Co were on the verge of a recession .

(C)UNIAN 2023

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