NYSE:BLK 13 June 2025 - 7 July 2025

Russia’s full-scale invasion of Ukraine in 2022 has caused massive destruction and human suffering, setting the stage for Europe’s largest reconstruction effort since World War II. More than 26,000 civilians have been killed or injured, and millions of Ukrainians have been uprooted from their homes. As of mid-2025, roughly 3.7 million people remain internally displaced, and about 6 million have fled abroad. The war has pushed an estimated 7 million Ukrainians into poverty, reversing 15 years of development gains. Physical damage to infrastructure and buildings is staggering: as of early 2025, direct war damage is valued at $176 billion, including thousands of schools, hospitals, roads, bridges, and power facilities destroyed or damaged. An updated needs assessment estimates Ukraine will require about $524 billion over the next decade to repair and rebuild – roughly 2.8 times the country’s entire 2024 GDP. This reconstruction is not merely about restoring what was lost, but transforming Ukraine into a modern, resilient European nation. Plans are underway across all sectors – infrastructure, economy, energy, health, education, governance, environment, housing, and cultural heritage – with the Ukrainian government, international partners, NGOs, and the private sector all playing crucial roles. This report provides a comprehensive overview of