The Case For Investing in Wartime Ukraine

SUBSCRIBER+EXCLUSIVE INTERVIEW — While Ukraine deals with shortages of troops, munitions, and equipment for its air defenses, some Ukrainians are teaming up with foreign investors to prepare for a post-war era. And if some might question the wisdom of putting money into a country as it fights a increasingly challenging war of resistance, others believe the moment to invest is now, not only as a gesture of support for Ukraine but as a smart financial move as well.

Certainly that’s the message Lenna Koszarny brought to The Cipher Brief’s Kyiv Economic and Security Forum in early April. Lenna Koszarny is an American of Ukrainian ancestry who has been traveling to Ukraine and investing in the country for more the better part of three decades. While Ukrainian government and military leaders plead for more international aid, Koszarny says she isn’t looking for handouts, and she insists there is big money to be made in Ukraine. “All of our funds are profitable,” she said at the Kyiv forum, speaking about Horizon Capital, the investment firm where she serves as CEO. The money that she and others have helped bring in are “ensuring there’s capital, creating jobs, and powering Ukraine’s resilience, but at the same time, investors expect a return.” Her message today? “Investors should ignore Ukraine at their peril.”