Ukraine seeks $50 billion from the G7 April 17, 2022

from World Business Report· ·

Ukraine is asking the G7 for $50 billion to plug a huge hole in its war torn economy. It comes as countries continue to enforce sanctions on Russia as the conflict in Ukraine continues, but several industries have so far avoided efforts to close them down. One of the world's biggest diamond trading centres in the Belgian city of Antwerp is still selling Russian diamonds, marketed by Alrosa, despite pressure to stop. Hans Merket, a researcher who studies links between natural resources and conflict for IPSIS, which is coincidentally based in Antwerp, explains how important Alrosa is to the global …



Ukraine is asking the G7 for $50 billion to plug a huge hole in its war torn economy. It comes as countries continue to enforce sanctions on Russia as the conflict in Ukraine continues, but several industries have so far avoided efforts to close them down. One of the world's biggest diamond trading centres in the Belgian city of Antwerp is still selling Russian diamonds, marketed by Alrosa, despite pressure to stop. Hans Merket, a researcher who studies links between natural resources and conflict for IPSIS, which is coincidentally based in Antwerp, explains how important Alrosa is to the global diamond trade. The government in Kiev is preparing to ask the G7 group of the world's biggest industrialised economies for $50 billion to plug a big financial hole in the country's economy. It is also reported that Ukraine will issue a bond with a rate of zero percent, in other words investors will get no return for lending money. The economic commentator Michael Hughes believes Ukraine may be seeking funding to rebuild its economy earlier than it should. We also get to grips with a warning that too many businesses are investing in new projects, at the expense of cyber security. The global software firm Cyber Ark has carried out research across the world asking almost 18 hundred IT decision makers, in several countries, what their firm is spending money on and it seems about eight in ten are prioritising funding for operations which are not related to beefing up cyber security. This is at a time when online attacks by hackers are on the rise. Udi Mokady, the founder and chief executive of Cyber Ark Software in Boston, says there is a growing threat from artificial intelligence or bots. We also hear from Nigeria, where the crime of kidnapping is on the rise and becoming a lucrative business for bandits. It is reported ransom payments for the safe return of victims like students is worth as much as $20 million a year. Endurance Okafor, a journalist in Lagos tells us more about the factors that are behind the rise in abductions. We also go west to California, an American state where drought is a major problem, which has raised questions about the water intensive activity of growing almond nuts. The farmers are under pressure over complaints about how much water they use to grow the crop and incidents of pesticides killing bees, damaging the honey sector. Christine Gamperley, an almond farmer in the central valley, east of San Francisco, tells us about the challenges facing growers. Presenter: Russell Padmore | Producer: Gabriele Shaw