oleg Ustenko
oleg Ustenko

Before Russian tanks enter Ukraine, President Volodymyr Zelenskiy was given an advice to focus on pension reform while the privatization and enticing economic refugees return.

About two months later, the pair are striving to hold an economy together though Vladimir Putin’s bombing almost ended. According to Ustenko, everything that was likely to be incredible in the first week was getting worse. Ustenko questioned whether people could imagine how an economist felt after knowing that the assets destroyed in the first week of the war were worth $100 bn which was the same as annual GDP.

Of course, the daily loss of life is the worst and the most terrible price that Ukrainians paid. But Ustenko, who was educated at Harvard and Kyiv’s National Economic University, should struggle for the impact of economy sector which he predict at $1tn so far.

With half of the nation’s businesses which are both shuttered and operating only partially, the economy is set to have contracted by a quarter next month. All state expenses has been stopped. Barring defense, social supports and emergency funds are prepared to provide food, water and shelter for people who have no place anymore. The budget deficit increased from $7bn for the year to the same amount every month now.

Ustenko believes, the power of economy is able to challenge the human cost toward the Russian’s invasion that includes the death and destruction as well as atrocities emerging in Bucha and anywhere else. The key is to convince the west countries and particularly Europe to leave Russian oil and gas, ramp up the sanctions on the Kremlin. The other task is to start the plan for the reconstruction effort to follow a Ukrainians victory that would be certain.

Ustenko is scathing about how Europe responds to Kyiv’s challenge on oil and gas. His estimation shows that Moscow banks are about $1.4bn a day derived from selling gas and oil. And most of its importer is Europe.

Europe’s largest economy and amid the most dependent on Russian’s oil and gas. This made Ustenko frustrated too much. The foreign minister, Annalena Baerbock, promised that Berlin would stop importing Russian oil by the end of the year, followed by gas out later. Ustenko said it is an unacceptable schedule.

However, instead of advising Zelensky, Ustenko advised German chancellor Olaf Scholz to cut off the country’s primary source of domestic heating.

He insists on doing it. In this case, Angela Merkel, the Scholz predecessor, recommend that people should do everything possible to give Putin this weapon. According to Angela, he was weaponised his source of energy. Now it’s time to show that they are completely different. Angela doesn’t want her country to face national shame as they do not do the right thing. In short, Germany can survive without Russian oil.

In the meantime, he adds that when the war ends, the payments to Russian gas suppliers should be done in escrow. This is aimed to choke off the Kremlin’s revenue stream and give a financial incentive to end the violence.

Previous articleCheck The 6 Ways Of How To Decorate Room With Simple Things
Next articleiPhone Maker Pegatron Stopped Shanghai Manufacturing Due To Covid Lockdown


Please enter your comment!
Please enter your name here