[Diggers350] War and Theft: The Hostile Takeover of Ukraine’s Agricultural Land - Private Equity's 21st Century Global Enclosure for Slavery

Tony Gosling tony at cultureshop.org.uk
Wed Nov 27 02:05:07 GMT 2024


War and Theft: The Hostile Takeover of Ukraine’s 
Agricultural Land – Private Equity’s 21st Century 
War For Global Enclosure and Slavery

<https://tlio.org.uk/war-and-theft-the-hostile-takeover-of-ukraines-agricultural-land-private-equitys-21st-century-war-for-global-enclosure-and-slavery/>27 
November 2024 | 
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War and Theft: The Takeover of Ukraine’s Agricultural Land
Emacs!

<https://www.oaklandinstitute.org/war-theft-takeover-ukraine-agricultural-land>View 
of the wheat field during the harvesting season near Krasne village, Ukraine

https://www.oaklandinstitute.org/war-theft-takeover-ukraine-agricultural-land


War and Theft: The Takeover of Ukraine’s 
Agricultural Land exposes the financial interests 
and the dynamics at play leading to further concentration of land and finance.

The total amount of land controlled by oligarchs, 
corrupt individuals, and large agribusinesses is 
over nine million hectares ­ exceeding 28 percent 
of Ukraine’s arable land. The largest landholders 
are a mix of Ukrainian oligarchs and foreign 
interests ­ mostly European and North American as 
well as the sovereign fund of Saudi Arabia. 
Prominent US pension funds, foundations, and 
university endowments are invested through NCH 
Capital, a US-based private equity fund.

Several agribusinesses, still largely controlled 
by oligarchs, have opened up to Western banks and 
investment funds ­ including prominent ones such 
as Kopernik, BNP, or Vanguard ­ who now control 
part of their shares. Most of the large 
landholders are substantially indebted to Western 
funds and institutions, notably the European Bank 
for Reconstruction and Development (EBRD) and the World Bank.

Emacs!



Western financing to Ukraine in recent years has 
been tied to a drastic structural adjustment 
program that has required austerity and 
privatization measures, including the creation of 
a land market for the sale of agricultural land. 
President Zelenskyy put the land reform into law 
in 2020 against the will of the vast majority of 
the population who feared it would exacerbate 
corruption and reinforce control by powerful 
interests in the agricultural sector. Findings of 
the report concur with these concerns. While 
large landholders are securing massive financing 
from Western financial institutions, Ukrainian 
farmers ­ essential for ensuring domestic food 
supply ­ receive virtually no support. With the 
land market in place, amidst high economic stress 
and war, this difference of treatment will lead 
to more land consolidation by large agribusinesses.

The report also sounds the alarm that Ukraine’s 
crippling debt is being used as a leverage by the 
financial institutions to drive post-war 
reconstruction towards further privatization and 
liberalization reforms in several sectors, including agriculture.


War And Theft: The Takeover of Ukraine’s Agricultural Land

by Frédéric Mousseau and Eve Devillers. For The 
Oakland Institute, PO Box 18978 Oakland, CA 94619 USA

<https://www.oaklandinstitute.org/war-theft-takeover-ukraine-agricultural-land>February 
21, 2023

https://www.oaklandinstitute.org/war-theft-takeover-ukraine-agricultural-land

The war in Ukraine has been at the center stage 
of foreign policy and media reports since 
February 2022. Little attention, however, has 
been given to a major issue, which is at the core 
of the conflict – who controls the agricultural 
land in the country known as the “breadbasket of Europe?”

Emacs!



This report addresses this gap – identifying the 
interests controlling Ukraine’s agricultural land 
and presenting an analysis of the dynamics at 
play around land tenure in the country. This 
includes the highly controversial land reform 
that took place in 2021 as part of the structural 
adjustment program initiated under the auspices 
of Western financial institutions, after the 
installation of a pro-European Union (EU) 
government following the Maidan Revolution in 2014.

With 33 million hectares of arable land, Ukraine 
has large swaths of the most fertile farmland in 
the world. 1 Misguided privatization and corrupt 
governance since the early 1990s have 
concentrated land in the hands of a new 
oligarchic class. Around 4.3 million hectares are 
under large-scale agri- culture, with the bulk, 
three million hectares, in the hands of just a dozen large agribusiness firms.


In addition, according to the government, about 
five million hectares – the size of two Crimea – 
have been “stolen” by private interests from the 
state of Ukraine. The total amount of land 
controlled by oligarchs, corrupt individuals, and 
large agribusinesses is thus over nine million 
hectares, exceeding 28 percent of the country’s 
arable land. The rest is used by over eight million Ukrainian farmers.

The largest landholders are a mix of oligarchs 
and a variety of foreign interests – mostly 
European and North American, including a US-based 
private equity fund and the sovereign fund of 
Saudi Arabia. All but one of the ten largest 
landholding firms are registered overseas, mainly 
in tax havens such as Cyprus or Luxembourg. Even 
when run and still largely controlled by an 
oligarch founder, a number of firms have gone 
public with Western banks and investment funds 
now controlling a significant amount of their shares.


The report identifies many prominent investors, 
including Vanguard Group, Kopernik Global 
Investors, BNP Asset Management Holding, Goldman 
Sachs-owned NN Investment Partners Holdings, and 
Norges Bank Investment Management, which manages 
Norway’s sovereign wealth fund. A number of large 
US pension funds, foundations, and university 
endowments are also invested in Ukrainian land 
through NCH Capital – a US-based private equity 
fund, which is the fifth largest landholder in the country.

Most of these firms are substantially indebted to 
Western financial institutions, in particular the 
European Bank for Reconstruction and Development 
(EBRD), the European Investment Bank (EIB), and 
the International Finance Corporation (IFC) – the 
private sector arm of the World Bank. Together, 
these institutions have been major lenders to 
Ukrainian agribusinesses, with close to US$1.7 
billion lent to just six of Ukraine’s largest 
landholding firms in recent years. Other key 
lenders are a mix of mainly European and North 
American financial institutions, both public and 
private. Not only does this debt gives creditors 
financial stakes in the operation of the 
agribusinesses, but also confers a significant 
level of leverage over them. This was evidenced 
by the debt restructuring of UkrLandFarming, one 
of Ukraine’s largest landholders, which involved 
creditors including the Export-Import agencies of 
the US, Canada, and Denmark, among others, and 
led to important organizational changes including 
layoffs of thousands of workers.

This international financing directly benefits 
oligarchs, several of whom face accusations of 
fraud and corrupt dealings, as well as the 
foreign funds and firms associated as 
shareholders or creditors. Meanwhile, Ukrainian 
farmers have had to operate with limited amounts 
of land and financing, and many are now on the 
verge of poverty. Data shows that these farmers 
receive virtually no support compared to agribusinesses and oligarchs.

The Partial Credit Guarantee Fund established by 
the World Bank to support small farmers is only 
US$5.4 million, a negligible amount compared to 
the billions channeled to large agribusinesses.

In recent years, Western countries and 
institutions have provided massive military and 
economic assistance to Ukraine, which became the 
top recipient of US foreign aid – marking the 
first time since the Marshall Plan that a European country holds this top spot.

As of December 2022, less than one year into the 
war, the US has allocated over US$113 billion to 
Ukraine, including US$65 billion of military aid, 
8 which is more than the entire budget of the 
State Department and USAID globally (US$58 billion).


The report details how Western aid has been 
conditioned to a drastic structural adjustment 
program, which includes austerity measures, cuts 
in social safety nets, and the privatization of 
key sectors of the economy. A central condition 
has been the creation of a land market, put into 
law in 2020 under President Zelenskyy, despite 
opposition from a majority of Ukrainians fearing 
that it will exacerbate corruption in the 
agricultural sector and reinforce its control by powerful interests.

The findings of the report validate this concern, 
showing that the creation of a land market will 
likely further increase the amount of 
agricultural land in the hands of oligarchs and 
large agribusiness firms. The latter have already 
started expanding their access to land. Kernel 
has announced plans to increase its land bank to 
700,000 hectares – up from 506,000 hectares in 2021.

Similarly, MHP, which currently controls 360,000 
hectares of land, seeks to expand its holdings to 
550,000 hectares. MHP is also reportedly 
circumventing restrictions on the purchase of 
land by asking its employees to buy land and lease it to the company.

Additionally, by supporting large agribusinesses, 
international financial institutions are in 
effect subsidizing the concentration of land and 
an industrial model of agriculture based on the 
intensive use of synthetic inputs, fossil fuels, 
and large-scale monocropping – long shown to be 
environmentally and socially destructive.

By contrast, small scale farmers in Ukraine 
demonstrate resilience and a great potential for 
leading the expansion of a different production 
model based on agroecology, environmental 
sustainability, and the production of healthy 
food. It is Ukraine’s small and medium-sized 
farmers who guarantee the country’s food security 
whereas large agribusinesses are geared towards export markets.


In December 2022, a coalition of farmers, 
academics, and NGOs called on the Ukrainian 
government to suspend the 2020 land reform law 
and all market transactions of land during the 
war and post- war period, “in order to guarantee 
the national security and preservation of 
territorial integrity of the country in wartime 
and post-war reconstruction period.”

As explained by Prof. Olena Borodina of the 
National Academy of Sciences of Ukraine (NASU), 
“Today, thousands of rural boys and girls, 
farmers, are fighting and dying in the war. They 
have lost everything. The processes of free land 
sale and purchase are increasingly liberalized 
and advertised. This really threatens the rights 
of Ukrainians to their land, for which they give their lives.”

At a time of tremendous suffering and 
displacement, wherein countless lives have been 
lost and massive financial resources spent for 
the control of Ukraine, this report raises major 
concerns about the future of land and food 
production in the country, which is likely to 
become more consolidated and controlled by oligarchs and foreign interests.

These concerns are exacerbated by Ukraine’s 
staggering and growing foreign debt, contracted 
at the expense of the population’s living 
conditions as a result of the measures required 
under the structural adjustment program. Ukraine 
is now the world’s third-largest debtor to the 
International Monetary Fund (IMF) 17 and its 
crippling debt burden will likely result in 
additional pressure from its creditors, 
bondholders, and international financial 
institutions on how post-war reconstruction – 
estimated to cost US$750 billion – should happen.

These powerful actors have already been explicit 
that they will use their leverage to further 
privatize the country’s public sector and liberalize its agriculture.

The end of the war should be the moment and 
opportunity for just the opposite, i.e. the 
redesign of an economic model no longer dominated 
by oligarchy and corruption, but where land and 
resources are controlled by and benefit all 
Ukrainians. This could form the basis for the 
transformation of the agricultural sector to make 
it more democratic and environmentally and 
socially sustainable. International policy and 
financial support should be geared towards this 
transformation, to benefit people and farmers 
rather than oligarchs and foreign financial interests.

This 50 page report continues here


<https://www.oaklandinstitute.org/war-theft-takeover-ukraine-agricultural-land>https://www.oaklandinstitute.org/war-theft-takeover-ukraine-agricultural-land

https://www.oaklandinstitute.org/sites/oaklandinstitute.org/files/takeover-ukraine-agricultural-land.pdf














































































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