Employees raise the flag outside the US embassy in Kyiv on May 18. AFP
Employees raise the flag outside the US embassy in Kyiv on May 18. AFP
Employees raise the flag outside the US embassy in Kyiv on May 18. AFP
Employees raise the flag outside the US embassy in Kyiv on May 18. AFP

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US reopens embassy in Ukraine's Kyiv after three months

Mission was closed and staff moved out on February 12 before Russian invasion

Patrick deHahn
Patrick deHahn
New York

May 18, 2022

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The US has reopened its embassy in Ukraine's capital Kyiv on Wednesday, US Secretary of State Antony Blinken said.

It marks a major move in American support for President Volodymyr Zelenskyy's government after nearly three months of Russia's invasion, which started on February 24.

"The Stars and Stripes fly again over embassy Kyiv," Mr Blinken tweeted, along with photos of the building.

"I can announce that we have officially resumed embassy operations in Ukraine’s capital."

"We stand proudly with the government and people of Ukraine as they bravely defend their country from Putin’s brutal invasion. Slava Ukraini," he said, which means "Glory to Ukraine".

Russian troops surrounded and attacked the capital for weeks before Ukraine reclaimed control. The Russian troops retreated to refocus efforts on eastern and south-eastern regions of the country.

Kyiv still faces air attacks from Russia and Mr Blinken is aware of that.

"We are committed to confronting the challenges ahead," he said. "The war rages on. Russia’s forces inflict death and destruction on Ukrainian soil every day.

"With strength of purpose, we reaffirm our commitment to the people and government of Ukraine, and we look forward to carrying out our mission from the US embassy in Kyiv."

The US had closed its embassy and withdrew its staff in Kyiv on February 12 before the Russian invasion.

State Department personnel were relocated to the western city of Lviv, while other staff were sent to Poland.

"As we take this momentous step, we have put forward additional measures to increase the safety of our colleagues who are returning to Kyiv and have enhanced our security measures and protocols," Mr Blinken said.

Top US officials, including Mr Blinken and Secretary of Defence Lloyd Austin, have met Mr Zelenskyy, and other American politicians have visited Kyiv on visits over the past month.

US President Joe Biden's wife Jill visited last week to meet Mr Zelenskyy's wife Olena Zelenska.

Other countries including Britain have reopened their embassies in Kyiv recently.

  • Russian Navy logistics support ship the 'Vsevolod Bobrov', pictured off Istanbul in January, has reportedly caught fire after a Ukrainian airstrike in the Black Sea. Reuters
    Russian Navy logistics support ship the 'Vsevolod Bobrov', pictured off Istanbul in January, has reportedly caught fire after a Ukrainian airstrike in the Black Sea. Reuters
  • A mother and child who fled Ukraine arrive back in Kyiv from Poland. The daily number returning has exceeded those leaving for the first time since the February invasion. AFP
    A mother and child who fled Ukraine arrive back in Kyiv from Poland. The daily number returning has exceeded those leaving for the first time since the February invasion. AFP
  • A Ukrainian tank - with a soldier in it - is carried by a transporter near Bakhmut. AFP
    A Ukrainian tank - with a soldier in it - is carried by a transporter near Bakhmut. AFP
  • A metro station used as a bomb shelter in Kharkiv, Ukraine. AFP
    A metro station used as a bomb shelter in Kharkiv, Ukraine. AFP
  • Rocket trails in the sky over Pylypchatyne, eastern Ukraine. AFP
    Rocket trails in the sky over Pylypchatyne, eastern Ukraine. AFP
  • A special session of the UN Human Rights Council on Ukraine is held in Geneva, Switzerland. AFP
    A special session of the UN Human Rights Council on Ukraine is held in Geneva, Switzerland. AFP
  • Burnt vehicles and the remains of what appears to be a makeshift bridge across the Siverskyi Donets River in eastern Ukraine. Reuters
    Burnt vehicles and the remains of what appears to be a makeshift bridge across the Siverskyi Donets River in eastern Ukraine. Reuters
  • Protesters outside a special session of the UN Human Rights Council on the war in Ukraine, in Geneva. Inside, Ukrainians lambasted the 'sheer horror' and 'pure evil' being inflicted on their country by Russian forces. AFP
    Protesters outside a special session of the UN Human Rights Council on the war in Ukraine, in Geneva. Inside, Ukrainians lambasted the 'sheer horror' and 'pure evil' being inflicted on their country by Russian forces. AFP
  • Russian President Vladimir Putin chairs a meeting on economic issues via a video link in Moscow. AFP
    Russian President Vladimir Putin chairs a meeting on economic issues via a video link in Moscow. AFP
  • An explosion at the Azovstal steel works in Mariupol, Ukraine. Reuters
    An explosion at the Azovstal steel works in Mariupol, Ukraine. Reuters
  • Players walk onto the pitch before a benefit football match between Borussia Moenchengladbach and the national team of Ukraine at Borussia-Park in Moenchengladbach, Germany. EPA
    Players walk onto the pitch before a benefit football match between Borussia Moenchengladbach and the national team of Ukraine at Borussia-Park in Moenchengladbach, Germany. EPA
  • Russian service members atop an armoured vehicle in Mariupol. Reuters
    Russian service members atop an armoured vehicle in Mariupol. Reuters
  • The Kalush Orchestra from Ukraine perform at the Eurovision Village in Turin, Italy. AP Photo
    The Kalush Orchestra from Ukraine perform at the Eurovision Village in Turin, Italy. AP Photo
  • Borussia Moenchengladbach fans and Ukraine supporters stand united ahead of the benefit football match between Borussia Moenchengladbach and the national team of Ukraine. EPA
    Borussia Moenchengladbach fans and Ukraine supporters stand united ahead of the benefit football match between Borussia Moenchengladbach and the national team of Ukraine. EPA
  • Children gather at a playground in Mariupol. Reuters
    Children gather at a playground in Mariupol. Reuters
  • Three Ukrainian policemen stand at an explosion site in Novomykolaivka, eastern Ukraine. AFP
    Three Ukrainian policemen stand at an explosion site in Novomykolaivka, eastern Ukraine. AFP
  • The Iron Spear 2022 military exercise led by Nato-enhanced Forward Presence battlegroup in Adazi, Latvia, on May 11. Reuters / Ints Kalnins
    The Iron Spear 2022 military exercise led by Nato-enhanced Forward Presence battlegroup in Adazi, Latvia, on May 11. Reuters / Ints Kalnins
  • British Prime Minister Boris Johnson and Finnish President Sauli Niinisto shake hands in Helsinki, Finland, after signing a declaration between the UK and Finland to deepen their defence and security co-operation. Reuters
    British Prime Minister Boris Johnson and Finnish President Sauli Niinisto shake hands in Helsinki, Finland, after signing a declaration between the UK and Finland to deepen their defence and security co-operation. Reuters
  • Russian paratroopers go on the attack in Ukraine's Kharkiv region. EPA
    Russian paratroopers go on the attack in Ukraine's Kharkiv region. EPA
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

In numbers: PKK’s money network in Europe

Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010

Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille

Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm

Drug trade: PKK income claimed by Turkish anti-drugs force in 2024 to be as high as $500 million a year

Denmark: PKK one of two terrorist groups along with Iranian separatists ASMLA to raise “two-digit million amounts”

Contributions: Hundreds of euros expected from typical Kurdish families and thousands from business owners

TV channel: Kurdish Roj TV accounts frozen and went bankrupt after Denmark fined it more than $1 million over PKK links in 2013 

Updated: May 18, 2022, 7:55 PM
USUkraine