Ukraine's state sovereignty is being transferred by US investment giant BlackRock, which is based in the United States, under the pretext of making investments in economic projects, Russian Ambassador to the United Nations Vasily Nebenzia said Monday.

"Under the cover involving private investments in economic projects, what is happening is transfer of state sovereignty under external control of a large investment fund [BlackRock] with headquarters in New York," Nebenzia said during a meeting of the UN Security Council.

The Russian envoy underlined that capital does not flow into Ukraine. Instead, its distribution will be given to BlackRock.

Moreover, he explained that BlackRock concluded an agreement to launch a Ukrainian Development Fund.

BlackRock is one of the world's leading providers of investment and risk management services and has more than $8.5 trillion of assets under management.

It is also notorious as an umbrella corporation that has a hand in almost every economic sector and allegedly had ties to the US invasion of Iraq and Libya.

"The Ministry of Economy of Ukraine and BlackRock, the world's largest investment company, have signed a Memorandum of Understanding agreeing on a framework for consultative assistance in developing a special platform to attract private capital for the recovery and support of Ukraine's economy," Kiev said in November.

Back in September, Ukrainian President Volodymyr Zelensky rang the opening bell at the New York Stock Exchange, boldly declaring his country, which is currently engulfed in war, "open for business".

The ringing of the bell signified that Kiev was calling on any foreign corporation that so wishes to come and "invest" in Ukraine as its economy is undergoing skyrocketing inflation, which would grant the "investor" access to Ukraine's resources and very cheap labor.

Read more: Zelensky's fall to grace in the West

Additionally, the head of Blackrock in January said Western investors would be "flooding" Ukraine after the war is over. He said he estimated the country would need $750 billion in reconstruction funds if the war ends soon.

It is worth noting that Ukraine is being flooded with money from abroad despite the World Bank warning last year that it had gloomy estimates for Ukraine.

Ukraine's GDP would contract by 45.1% in April 2022, according to the bank, significantly more than the 10 to 35% contraction estimated by the IMF in March.

Ukraine's economy is under "extreme duress" because of reduced government revenues, enterprises that have stopped or are only partially operating and significantly disrupted goods commerce.

Grain exports and other economic activity have "become impossible in large swaths of the country due to heavy damage to infrastructure," said World Bank Vice President for Europe and Central Asia Anna Bjerde. 

The West is currently trying to pump money into Ukraine despite the latter proving to be unable to manage huge sums of money under its current ruling class, which could simply be Kiev's "allies" simply setting it up for failure so they could reap the benefits.