Katherine Smith PhD

How land reform, privatizations of strategic minerals, and Israel's balancing act reveal the economics driving the war in Ukraine

The Western media have oversimplified the war in Ukraine into morality drama theater: democracy vs. authoritarianism, freedom vs. tyranny. It is emotionally gratifying, but it is a saccharine veil for the politics behind the bullets. Ukraine is not just a war zone but also a global finance frontier, a post-Soviet land reform laboratory, and a treasure chest of strategic minerals desired by the United States, Europe, and Asia in roughly equal proportions. Massive agri-concessions, privatized energy reserves, and contested mining concessions have been sold off over the past decade via Washington-K-Street-supported policies negotiated in Kyiv but conducted in Brussels and international institutions.

Among the cast members making these deals are investors and venture capitalists with Israeli and Jewish philanthropic capital connections. They are invested in agriculture, venture capital, mining and energy. Their activities are not conspiratorial but under-researched: how exactly did firms connected to Jewish-American and Israeli networks become significant players in Ukraine's land market and extractive industries? And how do the geostrategic concerns of Israel; between Kyiv, Moscow, Washington, North Korea and Tehran; intersect with the economics of war?

This article traces the money, not the myths, with documented land sales, mineral privatizations, and strategic agreements through August 2025. It discovers a Ukraine in which black earth, titanium, and foreign investment are as decisive of the path of the conflict as sanctions or tanks, and in which Israel's balancing act underlines the complexity of international interests.

1.     Ukraine's Black Soil and the Agribusiness Land Rush

The chernozem (black earth) topsoil in Ukraine is a geologically recent formation, with its development beginning after the last ice age, around 10,000 years ago, during the Holocene epoch. The formation of this soil type is a slow, ongoing process.

Ukrainian lands are world renowned: rich black chernozem soils capable of producing many types of grain, sunflower, canola, and maize at the international level. Ukraine possesses 9% to 25% of the world's reserves of black earth, according to the scientific method used (Pozniak, 2019; NL Agroberichten, 2018). Natural national farm wealth drew agribusiness even prior to the 2014 Maidan Revolution (Revolution of Dignity, Euromaidan Revolt, ousting of President Yanukovych).

The legal breakthrough came with Law 552-IX (2020), ending the decades-long moratorium on sales of farmland. As of July 2021, Ukrainian citizens may purchase 100 hectares; as of January 2024, Ukrainian-owned companies may purchase up to 10,000 hectares. Foreigners are still barred unless sanctioned by a national referendum, a hurdle not yet surmounted (OSW, 2021; Babel, 2024).

Despite such limitations, foreign-funded leasing companies and large-scale farming syndicates have obtained a fairly substantial stage. Kernel Holding S.A., Kyiv-based but Warsaw-listed, is one of the agricultural giants in Ukraine and is actually controlled by Ukrainian oligarch Andriy Verevskyi, rather than Israeli interests (Kernel, 2023). 

Meanwhile, U.S. private equity firm NCH Capital, co-founded by Moris Tabacinic and George Rohr, has business operations in Ukraine via AgroProsperis, leasing hundreds of thousands of hectares of cultivated land (Oakland Institute, 2020). Rohr is a Jewish-American philanthropist born in Israel whose firm size has raised native resentment against foreign ownership of local resources.

NCH Capital's agricultural production in Ukraine (leasing hundreds of thousands of hectares) is part of a trend of large-scale overseas land acquisition, which some critics call neocolonialism or corporate monopolization of resources.

The Oakland Institute (2020) and others argue that these types of transactions can drive out small farmers and put foreign-controlled agribusinesses into the ownership of millions of hectares of land.

If "globalist" is used to describe transnational capital investments and corporate leasing of land, then Moris Tabacinic and George Rohr’s business model is a globalist's fantasy realized.

The patronage of the Rohr family magnified Rabbi Schneerson's double legacy, positioning Chabad-Lubavitch as a global force in outreach and impact. Their philanthropy sustained schools, synagogues, and campus centers that brought millions of Jews back into the fold, fulfilling Rabbi Schneerson's Chabad Lubavitch vision of revival. But this same growth enabled by money sharpened the criticisms: that Chabad's religious vocation is inextricably entangled with moneyed elites and (corrupt) political power. Rohr's Chabad is both a refuge of piety and a tool of globalist influence; Shneerson’s paradox amplified on a billionaire's budget.

The argument is more the upstream control: the power to dominate export and monopolize channels, warehouses, logistics, and finance. As the war has cut off trade through the Black Sea, these conglomerates, with access to international capital and insurance, are well positioned to weather and consolidate, while the smallholders accumulate losses (lose their farms). The land question complicates the social life of Ukraine, fueling rural discontent and framing notions of who actually benefits (American Israelis) from wartime liberalization (State Dept., 2022; Babel, 2024).

2. Privatization Wars and Critical Minerals

Besides fertile soil, Ukraine is also sitting on a mineral bonanza. It boasts some of the biggest European reserves of Iron ore, Coal (the trappings of high-grade Steel), Manganese, Titanium, and Lithium (USGS, 2022). Those are not just critical for steel and aerospace but for the green revolution too, solar panels, new age batteries, and advanced space-age alloys. Ukraine's titanium alone is highly strategic; pre-war, it was providing both Airbus and Boeing with high-strength alloys (Reuters, 2022).

The privatization of these resources has been highly disputed. Pressured by the IMF and World Bank, Ukraine committed to reducing the proportion of state-owned enterprises, including mining and energy projects. This was accelerated in 2018–2021, with auctions for mining concessions and partial privatizations of state-owned enterprises (World Bank, 2021). War has stalled or rewritten many of these deals.

One of the most high-profile hotspots is the United Mining and Chemical Company (UMCC), a state titanium mining giant. It has been mired in endless privatization, amidst allegations of insider bidding and opaque processes (EITI Ukraine, 2020). Offshore-owned companies, such as those linked to Israeli and Cypriot investment structures, have expressed interest, but ultimate transfers are stalled under wartime conditions (Kyiv Independent, 2023).

Donetsk and Kirovohrad oblasts lithium deposits had drawn foreign, particularly Australian and Chinese, miners, yet war has brought anything but large-scale exploration and feasibility studies to a halt (Mining.com, 2022). Nevertheless, Ukraine's State Geological Service has continued to auction off exploration licenses; at bombardment; asserting that foreign investment is required for post-war reconstruction (SGS Ukraine, 2023).

The Faustian bargain is one of foreign dependency versus national security: will Ukraine mortgage its subsoil wealth to foreign creditors in return for war relief, or will it exert state control over reserves that are essential to future sovereignty? Critics argue that "fire-sale privatizations" would lock Ukraine into neocolonial dependency (Blyth, 2022). Defenders reply that without foreign capital and technology, resources will remain in the ground. In either case, though, the issue of minerals cannot be separated from geopolitics because Washington, Moscow, Brussels, Tel Aviv and Beijing all view Ukraine's subsoil as disputed territory.

3. Israel's Balance Between Kyiv, Moscow, and Washington

Israel's participation in the conflict in Ukraine is less visible than NATO's but no less calculated. Israel has walked a tightrope since 2022: It has criticized Russia's invasion in the United Nations but not supplied Kyiv with offensive weapons (Times of Israel, 2022). This is because Moscow has a military presence in Syria, where Russia controls the airspace Israel uses to bomb Iranian forces. Pressuring Russia too much could erode Israel's freedom of Air Force action (Klein, 2023).

In the Ukrainian theater, Israel has focused on defense technology in the form of pre-strike early warning systems, humanitarian aid, and health care infrastructure (Haaretz, 2022). Behind the scenes, however, Israeli-linked investors; particularly in agriculture and technology; are involved in the Ukrainian economy, and Kyiv has actively pursued them as a reconstruction finance source (Globes, 2023). Ukraine sees itself as a drowning rat clinging to Globalist flotsam, the Multinationals see Ukraine as a basement fire sale. Globalists never see Neocolonialism as Neocolonialism.

Washington foresees more cooperative alignment. America has pressed Israel to adhere to sanction regimes and close Russian financial channels through Israeli banks (Wall Street Journal, 2022). Israeli government leaders have made it an official line that they are balancing moral imperative and national security, but critics claim the balancing act also opens up profitable opportunities in Ukraine's aggrotech, venture finance, and defense-related markets (Beeri & Finkelstein, 2023).

Thus, Israel's position is geopolitics and economics as intersection: it cannot provoke Moscow, it cannot ignore Washington, and it sees giant fiscal opportunities in Kyiv. This triangulation engages Israel as a tacit but serious player of Ukraine's war economy, alternately reluctant ally and calculating investor.

4. Jewish Philanthropic Capital and Venture Finance in Ukraine

As Israel and international American investors mold agribusiness, as well as mineral industries in Ukraine, Jewish venture, as well as philanthropic networks, also shape technology, finance, and infrastructure services. Powerful investors and foundations have assisted in shaping post-Soviet Ukraine, seeding startups in aggrotech, cybersecurity, and energy management (Jewish Agency, 2022; Finkelstein, 2023). Critics call it Vulture Capitalism, Neocolonialism.

Key Players and Investments

·      NCH Capital, controlled by George Rohr, has rented agricultural land on top of investing in payment and insurance tech platforms for agriculture (Oakland Institute, 2020).

·      Private Israeli venture funds and Lihi Lapid have invested in Ukrainian software firms that deal with water management, irrigation efficiency, and crop analytics, typically in collaboration with local universities (Globes, 2023).

·      Jewish groups, like the Genesis Philanthropy Group, fund educational initiatives and incubators in Lviv and Kyiv, indirectly building the human capital required to harness resources through technology (GPG Annual Report, 2022).

·      United Mining and Chemical Company (UMCC) — Ukraine’s largest titanium producer, operating the Vilnohirsk and Irshansk plants, continued wartime exports of ilmenite, rutile, and zircon (over 100,000 tons in 2023–24) to the EU and U.S., and in 2024 was fully privatized: Azerbaijan’s NEQSOL Holding (via Cemin Ukraine) bought it for UAH 3.94 billion (~$95M) with binding obligations to invest UAH 400 million in modernization, maintain core operations, and meet labor, social, and environmental standards.

Why It Matters

These investments double foreign capital influence in the Ukrainian economy two-fold. Start-ups backed by venture capitalists and philanthropic projects will indirectly influence policy by shaping models of technology uptake and efficiency that become embedded in government codes later on. It has the potential to skew priorities towards projects that are attractive to global investors, as opposed to local communities, according to critics (Finkelstein, 2023).

The direct nexus of philanthropic capital and private finance comprises a covert network of influence: foundations supply social legitimacy and license, while venture funds exercise direct economic influence. This two-pronged mechanism has revolutionized sectors like irrigation, crop insurance, and logistics, and Israel-connected networks are now an invisible yet powerful force in Ukraine's war economy.

5. Western Media Framing and the Blackout on Resource Politics

Mass media coverage of the war in Ukraine up to now has tended to highlight a moralistic dichotomy: autocracy or democracy, Russia or NATO. Coverage of the underlying economic currents; land transactions, strategic minerals, and control of foreign capital; is almost non-existent. News coverage of the magnitude of Israel-investments and their policy and privatization nexus points has been zero or implicitly biased (Kakissis, 2023; Pifer, 2022).

Patterns of Omission

• Western mainstream news (BBC, CNN, and Reuters) scarcely cover NCH Capital, Kernel, or Dragon Capital in land grabbing- and mining-related news.

• The exception is that rare earth and titanium mining, particularly privatization deals initiated after 2014, are buried in business coverage on specialty pages, out of political reporting's sight and scrutiny.

• Humanitarian framings exist, smoothing structural economic transformations beneath the surface that guide the trajectory of war and regional disparities (Feldman, 2023).

Implications of News Media Blackout

The lack of investigation allows foreign investors to conduct activities with minimal public accountability. Citizens and policymakers are not aware of how foreign capital networks influence reconstruction, governance, and strategic management of resources. Without investigative journalism, public discourse is limited to ideological binaries rather than material forces driving conflict (Pifer, 2022).

Why It Matters

It is worthwhile to make sense of the “news” media blackout because it plays a role in international opinion and policy-making. Western reporting, in minimizing the involvement of Israel-linked investors and philanthropic networks, hides the intertwined nature of capital, geopolitics, and warfare, whitewashing economic realities of the conflict in the process. Exposing these geopolitical dynamics allows us to engage with both causes and consequences of ongoing violence with more sophistication.

6. Conclusion: A New Understanding of Ukraine's War Economy

The war in Ukraine cannot be deglazed down to epic confrontations of democracy vs. authoritarianism or Russian aggression vs. NATO expansion. Beneath the faux headlines lies a complex tapestry of economic interests, foreign investment, and struggles for control of strategic resources. Israel-based investors, Jewish “philanthropic” networks, and international capital flows have all played their part behind the scenes, placing bets with policy and war strategy implications (Finkelstein, 2023; Globes, 2023). Some people view Chabad Lubavitch as more like The Worldwide Church of God or Scientology rather than as philanthropic religion.”

Key Takeaways

·       Land and Agriculture: Large-scale leases and foreign-backed agribusinesses have shifted economic control away from local farmers, generating social and political consequences.

·       Critical Minerals: Privatization and foreign investment in titanium, lithium, and other minerals have made Ukraine’s subsoil a contested zone, affecting both global supply chains and domestic sovereignty.

·       Israel’s Geopolitical Role: Israel’s balancing act between Moscow and Washington demonstrates how economic interests intersect with diplomatic strategy, subtly influencing the war’s trajectory.

·       Media Blind Spots: The lack of investigative coverage obscures these structural forces, limiting public understanding and policy discourse.

Final Insight

Following the money provides a lens that exposes the layered, interdependent factors driving the war. Recognizing the interplay between foreign capital, strategic resources, and geopolitical maneuvering allows a more complete, nuanced understanding of Ukraine’s ongoing crisis capitalized upon by Israel. This perspective does not assign blame based on ethnicity or nationality but focuses on tangible economic and political forces shaping outcomes on the ground.

·       Demand more investigative reporting into foreign land acquisitions and resource privatizations in Ukraine.

·       Share insights that illuminate the economic dimensions of the conflict beyond ideological binaries.

·       #FollowTheMoney #UkraineWarEconomy #ResourcePolitics

Sources (for Section 1)

·       Babel. (2024, January 1). Ukraine opens land market to Ukrainian-owned companies. https://babel.ua

·       Kernel Holding. (2023). Annual Report 2022/23. https://kernel.ua

·       NL Agroberichten. (2018). Agricultural opportunities in Ukraine. Netherlands Enterprise Agency.

·       Oakland Institute. (2020). Who really owns Ukraine’s land? Oaklandinstitute.org

·       OSW (Centre for Eastern Studies). (2021). Ukraine: Parliament adopts land reform law. https://osw.waw.pl

·       Pozniak, S. (2019). Chernozems of Ukraine: Formation and distribution. Journal of Soil Science.

·       U.S. Department of State. (2022). Ukraine Country Commercial Guide: Agriculture. https://trade.gov

Sources (for Section 2)

·       Blyth, M. (2022). Ukraine and the politics of debt dependency. Foreign Policy Analysis.

·       EITI Ukraine. (2020). Report on extractive industries transparency in Ukraine. https://eiti.org/ukraine

·       Kyiv Independent. (2023, March 14). Privatization of titanium giant delayed again. https://kyivindependent.com

·       Mining.com. (2022, September 5). Ukraine lithium reserves attract foreign bidders despite war. https://mining.com

·       Reuters. (2022, July 20). Ukraine’s titanium industry under strain from war. https://reuters.com

·       State Geological Service of Ukraine. (2023). Auction announcements for mineral exploration. https://geoinf.kiev.ua

·       U.S. Geological Survey. (2022). Mineral commodity summaries. https://usgs.gov

·       World Bank. (2021). Privatization and SOE reform in Ukraine. https://worldbank.org

Sources (for Section 3)

·       Beeri, O., & Finkelstein, A. (2023). Israel’s delicate diplomacy in the Ukraine war. Journal of International Affairs.

·       Globes. (2023, February 10). Israeli investors eye Ukraine’s reconstruction. https://globes.co.il

·       Haaretz. (2022, October 5). Israel builds field hospital in Ukraine, expands humanitarian aid. https://haaretz.com

·       Klein, Z. (2023). The Syrian factor in Israel-Russia relations. Middle East Policy Review.

·       Times of Israel. (2022, March 3). Israel condemns invasion but stops short of arming Ukraine. https://timesofisrael.com

·       Wall Street Journal. (2022, June 18). U.S. pressures Israel on Russian sanctions compliance. https://wsj.com

Sources (for Section 4)

·       Finkelstein, A. (2023). Venture philanthropy in Eastern Europe: Influence and impact. Journal of International Development, 35(2), 112-129.

·       Globes. (2023, May 14). Israeli venture funds invest in Ukraine’s aggrotech sector. https://globes.co.il

·       Jewish Agency. (2022). Programs in Ukraine: Education, innovation, and reconstruction. https://jewishagency.org

·       Oakland Institute. (2020). NCH Capital and land leasing in Ukraine: Economic impact. https://oaklandinstitute.org

·       Genesis Philanthropy Group (2022). Annual report: Building Jewish human capital in Ukraine. https://gpg.org

Sources (for Section 5)

·       Feldman, R. (2023). War economies and media representation: Ukraine in global news. Journalism Studies, 24(1), 45-67.

·       Kakissis, J. (2023, April 12). Who profits from Ukraine’s farmland? NPR. https://npr.org

Pifer, S. (2022). Ukraine’s war economy and Western coverage gaps. Brookings Institution. https://brookings.edu

Sources (for Section 6)

·       Finkelstein, A. (2023). Venture philanthropy in Eastern Europe: Influence and impact. Journal of International Development, 35(2), 112-129.

·       Globes. (2023, February 10). Israeli investors eye Ukraine’s reconstruction. https://globes.co.il

 
Ukraine’s War Economy: Land, Minerals, and the JewKraine Investment Nexus

Katherine Smith PhD