Yuliia Svyrydenko, in her first visit to the United States as Ukraine’s Prime Minister, made a striking entrance into the heart of American capitalism. One August morning, she stood amidst a throng of investors at the Nasdaq building in Times Square, marking a historic moment: the first American listing of a Ukrainian company, the telecom giant Kyivstar. As dramatic music swelled and a countdown reached zero, Ms. Svyrydenko had the honor of ringing the market’s opening bell.
A prime minister gracing the stock exchange is uncommon, let alone one representing a nation embroiled in war. In a recent interview in Kyiv, Ms. Svyrydenko emphasized the significance of this event, stating, “Ukraine is not solely about donations; it’s about business opportunities.”
Her message was clearly tailored for President Trump, who has frequently voiced his discontent about the substantial U.S. financial aid given to Ukraine, largely during the previous administration, without perceived returns. With direct American monetary support no longer available, Kyiv is strategically pivoting to demonstrate that Ukraine is a valuable economic partner, not just a recipient of charity, offering profitable ventures even amid ongoing conflict.
An image shows Prime Minister Yuliia Svyrydenko outside her Kyiv office, a month after her appointment by President Volodymyr Zelensky in July. This article draws from interviews with Prime Minister Yuliia Svyrydenko and ten current and former Ukrainian and Western officials.
At 39, Ms. Svyrydenko, who was appointed by President Volodymyr Zelensky in mid-July, appears perfectly suited for this role. Her background is steeped in private sector and governmental economic affairs, both regionally and nationally. Notably, as economy minister, she spearheaded a crucial minerals agreement with the Trump administration, laying the groundwork for Kyiv’s new business-focused engagement with Washington.
Mykola Davydiuk, a political analyst in Kyiv, viewed her appointment as a clear signal from Ukraine to the United States, specifically directed at Mr. Trump.
Another image captures Ms. Svyrydenko addressing the Ukrainian Parliament in Kyiv during July.
However, Ms. Svyrydenko’s rise also signifies an increasing consolidation of power under President Zelensky, according to Western diplomats and Ukrainian legislators in Kyiv. A loyal and trusted figure, she advanced within his administration with the support of his influential chief of staff, Andriy Yermak. Analysts suggest that President Zelensky, Mr. Yermak, and a select group of advisors now exert firm control over Ukraine’s governance, with Parliament largely marginalized and opposition figures facing scrutiny from legal and security bodies.
Ivanna Klympush-Tsinsadze, a prominent opposition lawmaker, expressed concerns that with power increasingly centralized in President Zelensky’s office, Ms. Svyrydenko would have limited autonomy and would primarily execute directives from him and his inner circle.
There are worries among diplomats and lawmakers that Ms. Svyrydenko’s strong loyalty might prevent her from challenging President Zelensky, especially if he pursues actions that could undermine Ukraine’s democratic institutions, such as his controversial attempt this past summer to weaken the nation’s anti-corruption bodies.
In her inaugural week as Prime Minister, Ms. Svyrydenko faced an immediate crisis when President Zelensky sought to restrict these agencies. This move sparked Ukraine’s largest protests in three and a half years of war, drawing thousands to the streets. Ms. Svyrydenko swiftly moved to assure European allies, crucial for Ukraine’s financial stability, that Kyiv remained steadfast in its commitment against corruption.
She candidly admitted that it was “not an easy moment,” and she hadn’t anticipated such a challenge, playfully remarking that she missed out on the typical ‘honeymoon’ period of a new prime minister.
Ms. Svyrydenko presents an unconventional image in Ukraine’s male-dominated wartime political landscape, often characterized by military attire and somber expressions. She possesses an easy smile and a subtle sense of humor, which emerged during her interview when she recounted a humorous anecdote about testing her bodyguards’ patience by climbing a 10-story government building to inspect damage from a recent Russian missile attack.
A further image shows Ms. Svyrydenko, then economy minister, at a Kyiv news conference in May, prior to the ratification vote for a Ukrainian-U.S. minerals agreement.
As one of Ukraine’s youngest prime ministers and only the second woman to hold the office, Ms. Svyrydenko’s career trajectory has been marked by a consistent ascent over the last decade. She moved from regional government roles in her home region of Chernihiv to prominent national economic positions, serving as an economic adviser to Mr. Yermak and later, from 2021, as economy minister.
Denys Maliuska, President Zelensky’s former justice minister, characterized her as a diligent worker eager to tackle challenging assignments, often observed meticulously taking notes during government meetings. Volodymyr Fesenko, another Kyiv-based political analyst, noted her reputation as a ‘straight-A student’ in political circles.
During her tenure as economy minister, Ms. Svyrydenko was instrumental in stabilizing Ukraine’s economy, which had plummeted after the Russian invasion. She successfully established new trade routes to bypass Russia’s Black Sea blockade and secured billions in international aid, leading to a modest, but significant, return to economic growth.
Her most significant challenge perhaps unfolded this year during negotiations to grant the United States access to Ukraine’s valuable mineral resources. This initiative was a strategic attempt to curry favor with Mr. Trump by playing to his business-oriented sensibilities.
Ms. Svyrydenko led these negotiations for Ukraine, which rapidly became fraught with tension. Washington’s demands, including a proposition for the U.S. to receive half of Ukraine’s mineral rights, struck Ukrainian officials as bordering on extortion.
One particularly tense moment occurred in late February during a video call, where Treasury Secretary Scott Bessent reportedly issued an ultimatum to Ms. Svyrydenko: accept the deal within six minutes or negotiations would cease. This account, from one current and one former Ukrainian official present on the call (who wished to remain anonymous due to the sensitive nature of the exchange), was denied by Ms. Svyrydenko. Mr. Bessent’s spokesman did not comment.
Despite the intense pressure, Ms. Svyrydenko managed to negotiate more favorable terms before signing the agreement, which she described as fostering a trusting ‘working relation with Secretary Bessent.’
The article includes an image of a uranium mine in Pervozvanivka, Ukraine, from February. This mine is relevant to the high-stakes minerals deal that Ms. Svyrydenko negotiated with the Trump administration during her time as economy minister.
Matthew Murray, chairman of the advisory board for Velta, a Ukrainian titanium company, praised Ms. Svyrydenko as ‘a very effective communicator with the Trump administration.’
Ms. Svyrydenko asserted that the minerals deal, which grants the United States preferential access to Ukraine’s mineral resources via a joint investment fund, has solidified ‘steady relations’ with Washington. She pointed to a recent U.S. government announcement of a $75 million investment in Ukrainian minerals as proof.
Mr. Fesenko, the political analyst, believes her success in navigating this deal was likely ‘the decisive factor’ in President Zelensky’s choice to appoint her as prime minister.
Upon taking office, Ms. Svyrydenko was given three clear priorities by President Zelensky: strengthen the economy, expand social welfare programs, and boost domestic weapon production.
However, all these initiatives heavily depend on financial backing from European allies. President Zelensky’s controversial attempt to weaken the anti-corruption agencies immediately put Ms. Svyrydenko in a challenging position.
During a closed-door meeting in Kyiv on July 23 with Group of 7 diplomats, Ms. Svyrydenko lightened the mood with a joke, suggesting that had she foreseen the challenges, she might have preferred to stay as economy minister. This anecdote, shared by several anonymous diplomats present, highlights the immediate difficulties she faced.
This attempt to undermine the agencies ignited the most significant political crisis Ukraine had seen during the war, a period marked by suspended elections and suppressed political rivalries in the name of national unity. In her interview, Ms. Svyrydenko publicly distanced herself from this controversial event.
She clarified that she did not advocate for the law weakening the agencies, which was ultimately rescinded following widespread protests. To reinforce her commitment to combating corruption, she has since met long-standing Western demands, including appointing a leader for an agency dedicated to fighting economic crimes like tax evasion and smuggling.
While Ms. Svyrydenko believes that trust with Western allies wasn’t entirely shattered, she acknowledged that it had been ‘a little bit dented.’
An image from July shows protesters in Lviv, Ukraine, demonstrating against efforts to diminish the authority of anti-corruption agencies.
Rebuilding this trust is paramount for Ms. Svyrydenko, as it is key to securing vital European aid that Kyiv desperately needs to prevent an impending budget crisis, with an estimated $20 billion still required for next year’s expenditures.
However, opposition lawmaker Ms. Klympush-Tsinsadze pointed out that one of Ms. Svyrydenko’s initial actions as prime minister was to implement President Zelensky’s initiative to broaden government aid for Ukrainians, criticizing it as a populist measure that conflicted with the nation’s severe budget constraints.
Ms. Svyrydenko brushed aside this criticism, asserting that her decade of experience in public service made her ‘the most experienced’ prime minister. A current top priority for her is securing Western financial support to bolster Ukraine’s air defenses, which have been severely strained by continuous Russian assaults.
The very building where she conducts her work serves as a stark reminder of the immense stakes involved. Just last month, a Russian ballistic missile struck the upper floors directly above her office. Remarkably, the missile failed to detonate, leaving behind a massive hole and the acrid scent of smoke, its non-explosion a mystery.
Inspecting the site, with debris still scattered, Ms. Svyrydenko commented that an explosion would have likely caused the building’s collapse. ‘We were lucky,’ she stated.
Olha Konovalova also contributed to this report.