In just a year, Penny Pritzker traveled to Ukraine six times, helped create war-risk insurance vital for trade through the Black Sea, and talked to more than 100 American companies about investing in the Eastern European nation.
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Published Aug 06, 2024 • 3 minute read
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(Bloomberg) — In just a year, Penny Pritzker traveled to Ukraine six times, helped create war-risk insurance vital for trade through the Black Sea, and talked to more than 100 American companies about investing in the Eastern European nation.
Now the former commerce secretary, who is preparing to step down from her role in helping President Joe Biden’s administration support Ukraine’s economic recovery, is looking for ways to keep her plans alive — no matter who wins the election in November.
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“There is understanding on both sides of the aisle of what’s at stake here,” Pritzker said in an interview with Bloomberg. “This is not just about Ukraine’s own sovereignty or about Europe’s security, or about Ukraine becoming part of the EU and NATO, but this has an implication for US security.”
The US and its European Union and North Atlantic Treaty Organization allies have provided tens of billions of dollars in military and economic aid to help Ukraine defend itself since Russia’s February 2022 invasion. Leaders of the Group of Seven nations agreed to a plan in June to supply Ukraine with billions in loans that will be repaid using profits generated by roughly $280 billion of frozen Russian assets.
Former President Donald Trump, the Republican presidential nominee, has suggested the US has spent too much money on the war, while also saying he’d end the conflict quickly if he’s elected. Ukrainian President Volodymyr Zelenskiy challenged Trump in a Bloomberg interview last month to explain how he’d end the war.
For Pritzker, whose great-grandfather fled Kyiv for the US some 140 years ago, the task is personal. The American billionaire is leaving behind a plan for her replacement, Deputy Secretary of State for Management & Resources Richard Verma, and others that may take up the role in the future.
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The five-step pathway, dubbed the “Pritzker Plan,” is aimed at helping Ukraine succeed in luring the more than $480 billion it will cost to rebuild the nation after the war. The recommendations, presented to Biden last week, include creating a cross-ministerial reconstruction and recovery unit in Ukraine that can sit under the prime minister, as well as significantly increase the number of shovel-ready projects companies can invest in, she said.
“While Penny’s position is limited to one year by statute, the work she began will continue,” Secretary of State Antony Blinken said in a statement. Because of her work, “Ukraine is better prepared for its future integrated with Euro-Atlantic institutions and plugged into European and global markets,” he said.
Showing Interest
Pritzker has engaged with US businesses about rebuilding Ukraine and taken the heads of six companies with her on visits to the country.
“I’ve had conversations with all kinds of Fortune 500 companies, from energy companies like Westinghouse and defense companies like Lockheed Martin and Northrop Grumman to Boeing and so many others,” she said. “Companies in the agricultural area like ADM and Cargill, I’ve had conversations with JP Morgan and BlackRock on the capital side.”
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Ukraine’s economy grew 5% last year, reversing a sharp drop in 2022. Bumper crops helped fuel grain exports and the economy also gained a boost from defense spending.
Growth is expected to slow this year, in part due to energy constraints caused by Russian attacks on Ukraine’s electricity infrastructure.
War Crimes
Pritzker praised Vice President Kamala Harris, who has just secured the Democratic nomination, for her track record on Ukraine and tough stance toward Russian President Vladimir Putin. She declined to comment on whether she would endorse or support Harris financially, saying she can’t be politically active in her current role.
“She’s a former prosecutor, and she understands the issues of war crimes,” Pritzker said of Harris. “Those are quite personal for her, and she’s made it very clear that Russia has to pay a severe price for its crimes.”
When asked if she was concerned about the implications for Ukraine of a Republican win in November, she insisted: “I think there’s bipartisan support for Ukraine.”
Chinese President Xi Jinping “is watching what’s happening with President Putin, and will understand the implications of how Putin is treated by the United States,” she said.
—With assistance from Nick Wadhams, Priscila Azevedo Rocha and Margaret Collins.
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