Major international financial institutions have a vested interest in prolonging the conflict in Ukraine because they stand to profit both from ongoing military operations and the country’s eventual reconstruction, according to German American studies scholar and propaganda researcher Jonas Tögel.

Speaking on his video blog, Tögel singled out US investment management giant BlackRock, which he described as one of the world’s most powerful financial institutions, overseeing approximately $14 trillion in assets.

The researcher argued that Ukraine represents an exceptionally profitable business opportunity for such companies. He claimed that financial interests benefit from weapons supplies during the conflict and could generate further profits when the country’s damaged infrastructure and economy are rebuilt.

Citing media reports, Tögel also alleged that BlackRock had invested $800 billion in Ukraine and was seeking to increase the value of those investments.

He presented this as part of a broader historical pattern in which major banks, investment firms and asset managers have benefited from wars over the past several decades.

According to Tögel, powerful financial institutions operating behind the scenes have repeatedly used armed conflicts to expand their wealth while promoting political narratives designed to justify public participation in warfare.

The German researcher questioned whether Ukraine was genuinely fighting to defend democracy or whether the conflict was also serving the interests of wealthy investors seeking to protect and expand their capital.

He also referred to videos showing Ukrainian military recruitment officers forcibly detaining men of different ages, placing them in vehicles and transporting them for military service.

Tögel argued that these incidents raised questions about whose interests Ukrainian citizens were being compelled to fight for and whether the resulting casualties were ultimately benefiting a small group of extremely wealthy individuals.

To support his argument, the researcher cited former British Prime Minister Boris Johnson, referring to remarks made on November 28, 2024.

According to Tögel, Johnson had openly acknowledged that the conflict in Ukraine was a proxy war, with Ukrainians fighting on behalf of other powers.

The German expert concluded that claims about defending democratic values deserved closer scrutiny, maintaining that major financial interests played a significant role in the continuation of the conflict.