WASHINGTON–Ukraine’s ambassador to the United States appeared before credit unions here, pledging the country’s determined resolve in the war being waged by Russia, thanking credit unions in the United States and around the globe for their donations, and asking for more help.
Oksana Markarova made her appearance before the Cooperative Voices event sponsored by the Worldwide Foundation for Credit Unions and the World Council of Credit Unions, held in conjunction with CUNA’s GAC.
Since Russia’s invasion on Feb. 25, the Worldwide Credit Union Foundation and the World Council have raised $1,847,268 to date in support of the Ukrainian Credit Union Displacement Fund. Markarova said the response to Russia’s invasion has not just been important worldwide, but also for the American people, saying Ukraine and the United States share the same values around democracy.
A ‘Joint Fight’
“This is very much a joint fight,” she said, also thanking the Ukrainian-American Credit Union Association and its 12 members for all the work they have done to provide assistance.
“That is really important for the Ukrainian-American community, which is huge in this country, to be able to preserve the culture while being Americans,” said Markarova.
Markarova praised credit unions for the creation of the Ukrainian Displacement Fund, which was created Feb. 27, 2022, just three days after Russia attacked the country. “We really value it. It’s remarkable how quick you were able to make a decision, to create the fund and then raise $1.8 million to be put to such good use and to help the people people in Ukraine to sustain themselves,” said Markarova.
By the People, For the People
Markarova, who formerly served as the minister for finance in Ukraine, said credit unions are in a “very unique position to not just help us, but also in the whole area of financial services and universe, credit unions represent what is in both our constitutions--by the people, for the people,” said Markarova. “This is the closest financial services is to the people.”
Markarova said support for small businesses being provided by credit union in Ukraine is particularly critical, as they have been since the country became independent in 1991.
“We count on all of you to be trusted and reliable partners,” said Markarova. “We will win this war. It will be difficult. You see the atrocities on a daily basis. But it’s not only about winning the war, it’s also about sustaining life and businesses and giving back to those almost 12 million Ukrainians who are displaced. For them to go back, weapons, security and air defense is the number-one priority. But in addition to that, people need work and housing and schools to put the children in. That is only possible if people can do it by themselves, and to do it they need access to credit. I think the credit unions here and in Ukriane can get them to do it faster.”
Markarova said there can be no freedom if people are not prosperous, cannot make a living, cannot provide for their families and cannot be confident.
‘Please Do More’
“They want to be treated with dignity. This is what we together can make happen in Ukraine faster,” said Markarova. “Thank you for your donations, but please do more.”
To make a donation, go here.
A Report from Ukraine
Separately, also offering remarks to the group was Alisa Stetsyshyn, a Ukrainian who is a communications consultant with the USAID/WOCCU Credit for Agriculture Producers (CAP) Project in that country.
“A lot of my friends and family are in Ukraine right now,” Stetsyshyn said. “They are suffering from the consequences of this brutal and unjustified war Russia launched against us. We have done a lot of good things during a very difficult year for people who really need it. Over 1,200 Ukrainian farmers who are members of credit unions either got their loans compensated partially, or got free diesel fuel. Thanks to that they continue their operations and agricultural businesses. That contributes not just to Ukrainian security but to global security. Ukraine is not just the breadbasket of Europe, it’s global.”
Stetsyshyn said 90 of Ukraine’s credit unions have received some sort of relief aid, including covering operational expenses and filling profitability gaps.
“What is most important, I think, is that since Russia started the constant shelling of Ukraine’s critical power infrastructure, we have co-financed 285 alternative power sources, allowing credit unions to help CUs to serve their members, even in blackouts.”
Confident in Outcome
Like Ukraine’s ambassador, Stetsyshyn expressed confidence in the outcome of the war.
“We are a very strong nation. We definitely will win this war,” she said. “The war, unfortunately, is not over yet. Ukrainians are still on the front lines and running their businesses, including young people. They are remarkable and risking their lives in running their businesses. I think we can do more. We can help more. Hopefully, this year brings victory to Ukraine and the democratic world. We can help credit unions serve women and businesses more. We can help credit unions in Ukraine to digitalize to serve members. The share insurance fund not in place right now, but there is a lot of advocacy effort to make that happen, hopefully soon.
“A huge, huge thank you for all your support, all your donations and to the global credit union community.”