The Wallenberg Family Awarded Seat on Zelenskyy's Council

Swedish industrial billionaire Marcus Wallenberg is taking a seat on an international advisory body linked to Ukrainian President Volodymyr Zelenskyy. The council will contribute expertise on Ukraine’s post-war economic reconstruction. The Wallenberg family has previously resisted a peace settlement in Ukraine and as recently as February stated that Europe is not ready for peace in Ukraine.

The advisory group to Zelenskyy is composed of representatives from industry, the financial sector, and international organizations. The focus is on identifying investments and strategies to strengthen Ukraine’s economy, with particular emphasis on areas such as energy and the defense industry.

The work of the council is advisory and aims to produce background reports and recommendations. An initial report is expected to be presented in September. Wallenberg emphasizes that the assignment is not connected to any of his own business interests. This is reported by Dagens Industri.

Marcus Wallenberg, a central figure in the Wallenberg sphere and chairman of, among others, SEB and Saab, describes his involvement as a given. He emphasizes that Ukraine’s reconstruction is not only a national concern but an issue of great significance for all of Europe.

Ukraine is at a critical stage. The Ukrainian people have shown remarkable courage in defending their country, and it will be incredibly important to have a credible vision and plans for the reconstruction of the country and its economic future.

– Marcus Wallenberg to DI.

At the end of last year, Ukraine’s President Volodymyr Zelenskyy visited Saab’s facility in Linköping to inspect the JAS Gripen E fighter aircraft.

Shortly thereafter, he stated that Ukraine “hopes to get” at least 100, and possibly up to 150, of these fighter jets. A deal that is likely to be financed by EU taxpayers and would thus mean a significant boost for Wallenberg’s Saab.

Zelenskyy and Kristersson at Saab. Photo: Government Offices of Sweden / Facsimile Ulf Kristersson Facebook

Not Ready for Peace

In March, Marcus’s brother, Jacob Wallenberg, participated in a Finnish security conference together with politicians and business leaders, where he warned that peace risks slowing the ongoing armament within the EU and NATO, and could instead lead to people settling for peace.

– We all know what happens when peace arrives. We’ll have long discussions about money being needed for other things and so on, he said.

– Most of us are not very well prepared for a potential peace and all that it entails.

The statement has sparked strong reactions on social media, where it is suggested that Wallenberg – who earns large sums through increased arms sales via Saab – may have financial incentives to oppose a swift peace settlement in the five-year-long war.