The Big Three—BlackRock, Vanguard, and State Street—cast a wide net over Ukraine’s war economy. 1. Military Industry Ties: BlackRock holds major stakes in defense giants like Lockheed Martin, Raytheon, and Boeing, profiting as U.S. aid ($62B by 2024) fuels their weapons (e.g., Javelins) in Ukraine. Vanguard and State Street mirror this, with shares in the same firms via index funds, riding a 30%+ stock surge since 2022. 2. Redevelopment and Land: BlackRock’s Ukraine Development Fund (UDF), launched 2023 with Zelenskyy, advises on billions for post-war rebuilding—energy, infrastructure, agriculture—sparking “land grab” fears despite Ukraine’s ban on foreign ownership. Their $19.67B in Eurobonds (restructured 2024) gives financial leverage, not deeds; Vanguard and State Street lack UDF roles but invest in agribusiness (e.g., Cargill) tied to Ukraine’s fertile soil. 3. Debt Holdings: All three snatched Ukraine’s bonds at distress lows (20-40 cents on the dollar, 2022-23) when war cratered values. BlackRock’s $19.67B stake dominates the $20.5B 2024 restructuring (37% haircut), with Vanguard and State Street holding smaller slices—est. $1-3B each—via passive funds. They swapped old bonds for new, betting on Kyiv’s recovery with GDP-linked upside. Beyond debt, BlackRock’s UDF ties and military profits amplify its sway, while Vanguard and State Street play quieter, opportunistic roles. Their $20T+ combined AUM dwarfs Ukraine’s $160B debt, making them creditors with clout.