US billionaire Buffett rebukes world for insufficient support for Ukraine

He said this at the Ukraine Recovery Conference in London. 

“Today, when Ukraine needs investment and when it needs support, there is no time to look back. I will tell you why. It's because everything we do now will change the course of history, and we have to be on the right side of history,” the billionaire said.

He emphasized that the world continues to observe what is happening in Ukraine and allows the horrors committed by the Russian army to happen.

According to him, Ukraine is being asked to conduct the war in such a way that no one from the West is forced to take part in it directly.

“I thank everyone for everything they do to support Ukraine. But I must admit that there were times when we were cowardly. We helped, but we were slow. And there were times when we were indecisive. We are not providing Ukraine with everything it needs to win this war. And, even worse, we are asking Ukraine to fight this war in a way that we would not fight ourselves. So why are we holding back?” Buffett emphasized.

“Some people do this out of fear. But I will tell you: no one would ever fight and win if they were afraid of the consequences of their struggle,” he added.

Results of the Ukraine Recovery Conference in London

On June 21-22, a regular Ukraine Recovery Conference was held in London. It is a continuation of the annual Ukraine Reform Conferences that have been held since 2017.

The largest share of financial assistance to Ukraine has been provided by the European Union, which plans to allocate EUR 50 billion in grants and loans to Ukraine. The support is expected to last for the next four years.

Among individual countries, the United Kingdom and the United States have contributed the most. On June 21, London announced a 'historic package of financial support for Ukraine' worth USD 3 billion to be provided over three years. Washington assured that it would provide Ukraine with USD 1.3 billion. The funds will be used, among other things, to restore the energy system, infrastructure, and to help businesses.

Other countries assured Ukraine of substantial assistance as well. Germany promised to provide Ukraine with an additional EUR 381 million in humanitarian aid in 2023. The Spanish government has pledged to allocate more than EUR 250 million for the recovery and reconstruction of Ukraine. The Austrian Federal Government has agreed to allocate an additional EUR 18 million to help Ukrainians affected by Russian aggression.

The Ukrainian government has also signed a memorandum with the European Investment Bank on cooperation in Ukraine's recovery projects, which provides for the allocation of EUR 840 million. In addition, Ukraine will receive USD 500 million from the World Bank to pay public sector employees and EUR 600 million from the European Bank for Reconstruction and Development to support the energy sector.