Highgate marks the second anniversary of Russia’s full-scale invasion of Ukraine
Ukraine is in Highgate’s DNA. We have deep experience of the country and some of our employees are Ukrainian.
From the start of Russia’s full-scale war, we have been strongly committed to supporting the country’s struggle for freedom, including its efforts to introduce stronger financial sanctions against Russia and limit the export of western dual-use technologies.
Highgate partner John Lough and Vice President Valeriya Melnichuk reflect on how the country has found remarkable strength in adversity:
The second anniversary of Russia’s full-scale invasion of Ukraine is a grim milestone. Tens of thousands of Ukrainians killed and wounded, close to ten million either abroad or internally displaced, economic capacity reduced by 25%, two million housing units (10% of the country’s stock) damaged or destroyed and Russian forces occupying 18% of Ukrainian territory.
Yet the country that the Kremlin and many western capitals thought would fold in three days in the face of the world’s second most powerful army backed by an economy nearly ten times larger has been able to destroy nearly 90% of Russia’s pre-invasion ground forces, including 60% of its tanks.
Over the past 24 months, Ukrainians have demonstrated to the world extraordinary levels of bravery and resilience. Western arms supplies, military training and economic support have played a critical role but the will to resist comes from the refusal of Ukrainians to accept the extinction of their statehood.
Ukraine’s strength is the ability of society to self-organise in support of the state in crisis situations. Since February 2024, this distinctive quality has proved to be a significant force multiplier.
In parallel, the ability to delegate authority to lower levels of command has favoured improvisation and flexibility on the battlefield. These capabilities are rooted in a different societal structure from Russia’s and a crucial factor behind Ukraine’s continued resistance.
While Ukrainians are tired from the pressures of war, there is no indication that they are ready to support peace talks with Moscow. Opinion polls continue to show that over 80% are opposed to territorial concessions to Russia.
To prevail in what is now set to be a long war, Ukraine needs not only to preserve its resilience but to take it to a qualitatively new level. This will only be possible if it is adequately supported by its allies.
The six examples below are testimony to the resolve and creativity of Ukrainians over the past two years:
The destruction of one third of Russia’s Black Sea Fleet, including its flagship, without a navy of its own. Russia has withdrawn its ships from Sevastopol to safer waters on the eastern shore of the Black Sea.
The development of first-person view drones costing a few hundred dollars each and their deployment to destroy Russian military equipment worth millions.
The establishment of a new export corridor along the western Black Sea coast allowing Ukraine to export larger volumes of grain than it could under the UN-sponsored corridor agreed with Russia.
Uninterrupted energy supplies this winter to households and industry despite large-scale Russian attacks on critical energy infrastructure.
Tax revenues that have exceeded expectations and allowed the state to invest heavily in defence while paying salaries and pensions on time with the support of international donors.
The recognition by the IMF and the EU of Ukraine’s progress in implementing reforms during the war leading to the IMF providing Ukraine with a four-year financing package worth $15.6 billion and the EU opening membership negotiations.