BlackRock Inc. has suspended its effort to raise money for the Ukraine Development Fund, a vehicle designed to finance the country’s post-war reconstruction, Bloomberg reported. The U.S. asset-management giant halted talks with institutional investors in January after appetite for the project waned amid mounting uncertainty over Kyiv’s prospects. People familiar with the discussions said investor interest cooled following Donald Trump’s election and the prospect that Washington could curtail support for Ukraine. The United States had not committed any backing to the fund, even as entities linked to the governments of Germany, Italy and Poland were close to pledging support. BlackRock had planned to unveil the fund at the Ukraine Recovery Conference in Rome on 10–11 July. The initiative sought to mobilize at least $15 billion of reconstruction capital, including around $500 million from governments, development banks and other grant providers and roughly $2 billion from private investors, according to earlier comments by BlackRock vice chair Philipp Hildebrand. The firm completed its pro-bono advisory mandate for Kyiv in 2024 and is no longer working under any active engagement with the Ukrainian government, a spokesperson said. France is exploring an alternative mechanism to replace the stalled plan, though its viability remains unclear without U.S. participation. The World Bank estimates that rebuilding Ukraine will cost more than $500 billion, underscoring the gap left by BlackRock’s withdrawal from the fundraising drive.