BlackRock has halted the development of the Ukraine recovery fund after Trump’s election.

BlackRock suspended work on establishing a multibillion-dollar fund for Ukraine’s post-war reconstruction after Donald Trump became the US President in November 2024. The pro bono advisory work was completed in 2024, and in January 2025 the company paused negotiations with institutional investors amid political uncertainty.

The fund was scheduled to be announced at the Ukraine Recovery Conference, set for July 10-11 in Rome. At the time negotiations were halted, the project had preliminary support from government entities in Germany, Italy, and Poland, as well as private investors. It was to potentially attract over $15B to rebuild Ukrainian infrastructure. Following Trump’s victory, the US government chose not to join the initiative. France is currently working on an alternative fund, but without US participation, its viability remains uncertain. The concept of the Ukraine Development Fund was publicly introduced in 2023. The plan was to secure funding from international development banks, donors, and the private sector.

Additionally, Canadian Ambassador to Ukraine Natalka Cmoc advised Ukraine to establish international consortiums to attract reconstruction investments.