Notwithstanding that Ukraine has one of the poorest economies in Europe, it’s loaded with natural resources and is an agricultural powerhouse. From Larry Johnson at sonar21.com:
Until Joe Biden took office I thought that George W Bush had dibs on the “stupidest foreign policy blunder in history” award. His decision to invade Iraq rather than eliminate Al Qaeda hurt the United States and fueled international terrorism. But leave it to Joe Biden to one-up W by imposing sanctions on Russia that are inflicting an economic holocaust on the United States and Europe. Heck of a job, Joe.
The ostensible reason for “punishing” Russia with sanctions that actually pummel the west was Putin’s invasion of Ukraine. Now we all know that Ukraine was/is the poorest nation in Europe. Right?
Ukraine is one of the worst off countries after the collapse of the USSR. It is the poorest country in Europe despite having a huge aerospace industry, natural resources and some of the most fertile land for agriculture. During the communist era, Ukraine was the breadbasket of the Soviet Union. Despite all this, Ukrainians have experienced terrible famines such as the Stalinist Holodomor.
Today, the situation is not much better. Apart from enduring a war with Russia, its political system is particularly corrupt. Almost the entire economy is in the hands of big oligarchs: millionaires who amass fortunes thanks to their connections with political power.
Let me share with you some critical facts about Ukraine and its economic potential. When you consider these facts you will likely wonder why Ukraine is not one of the richest nations in Europe.