News | May 27, 2025
Secretariat Announces Newest Managing Directors
Congratulations to our recently promoted Managing Directors: Deven Bowles, Erica Greulich, Greg Johnson, Zack Kilgore, Gareth McDermott, Tony Nedinsky, Michael Pogue, and Ivy Tse.
January 31, 2025
January 2025 Edition | February 2025 Edition | March 2025 Edition
Welcome to Secretariat’s first edition of Rebuilding Ukraine. This webpage has been created to provide insights on the current state and outlook of Ukraine’s rebuilding efforts, the challenges faced, and the opportunities it presents. By highlighting the resilience and determination of Ukraine and the global community’s commitment to its support, we look to provide a broad overview of the progress being made, the road ahead and emerging risks. Stay informed with our insights on Ukraine’s Emerging Risks, Funding and International Support, and Sanctions and Export Controls, providing a view of the opportunities and challenges that lie ahead.
The ongoing conflict has significantly impacted Ukraine’s economic landscape, necessitating substantial foreign support, funding and investment towards its recovery and reconstruction. Public and private investment is now returning to Ukraine. As Ukraine navigates this new landscape, its financial outlook remains a critical area of focus for both domestic and international stakeholders. By analyzing recent economic trends, international support mechanisms, and the government’s fiscal policies, we aim to provide a comprehensive look into Ukraine’s dynamic evolving economy and financial landscape.
Businesses and investors/funders in Ukraine will encounter many challenges common to conflict zones, such as corruption, regulatory uncertainties, and infrastructure deficiencies. These factors, combined with the ever-evolving sanctions and international relations, contribute to a complex risk profile for Governments, NGOs and businesses operating in or considering investment into Ukraine. We explore the multifaceted nature of these business risks, providing insights into the challenges in this volatile region.
The funding and investment into Ukraine aims to not only alleviate the immediate impacts of the conflict, but also to pave the way for long-term stability and growth. By examining the various avenues of funding and international support, we provide an overview of the international collaborative efforts to rebuild and strengthen Ukraine’s economy and infrastructure.
Based on the World Bank and the Rapid Damage and Needs Assessment Report (RDNA3) released in February 2024, Ukraine’s recovery needs are estimated to be around USD 486 billion. The RDNA3 report outlines the sectoral requirements as follows:
In September 2024, Ukraine’s Cabinet of Ministers unveiled the draft budget for 2025, projecting a trade deficit of 21.6% of GDP (exceeding USD 40 billion), which Ukraine intended to cover with financial support from Western allies. The sources of funding mentioned in the budget include:
The following international aid has been invested into Ukraine as of 31 October 2024.
Total Bilateral Aid Allocations To Ukraine Between January 2022 To January 2025 — Sourced from the Kiel Institute’s Ukraine Support Tracker)
The targeted sanctions and export control regimes are aimed at constraining Russia’s ability to sustain its military operations. These measures have evolved to include a wide range of individuals, entities, and sectors critical to Russia’s economy and the war effort. Key targets include major financial institutions, energy companies, defense contractors, and high-profile political figures.
Additionally, export controls have been tightened to restrict the flow of advanced technologies and goods that could bolster Russia’s military capabilities. These restrictions have also extended to other nations and governments that continue to provide military support by allowing their territories to be used in support of the conflict, continue to engage in foreign trade with Russia, as well as diplomatic backing to economic and military cooperation.
Sanctions and export controls have added additional layers of complexity for companies and their supply chains navigating an ever-changing landscape for businesses relying on Ukrainian supply chains or who are engaged in exporting goods to and from the country.
Hover over a country for recent sanctions and export control activity
Secretariat Announces Newest Managing Directors
Congratulations to our recently promoted Managing Directors: Deven Bowles, Erica Greulich, Greg Johnson, Zack Kilgore, Gareth McDermott, Tony Nedinsky, Michael Pogue, and Ivy Tse.
Guardians of Finance Integrity
The Federal Reserve Bank of New York (FRBNY) has cemented its role as a global financial watchdog, using its influence to safeguard the integrity of the U.S. dollar and the broader international financial system. Recent regulatory actions related to Iraq and Libya demonstrate a proactive approach to combating illicit financial flows, setting a precedent for oversight in other high-risk jurisdictions, including Syria, Lebanon, Gaza, and Ukraine, which are likely to undergo major post-conflict reconstruction.
Jury Trial Victory for Marathon Oil Co. in Landmark $123.7M Force Majeure Case
Managing Director Bob Broxson provided expert reports, deposition, and trial testimony on behalf of Marathon Oil Co. in a high-stakes, precedent-setting contract dispute arising from a natural gas delivery impeded in 2021 by Winter Storm Uri.