4 ways business can support peace in Ukraine

It’s hard to disagree that with great power comes great responsibility. And, in today’s world, much of the power resides with global business. Nowhere is this more apparent than in Davos. Last month, I took part in a special session at the World Economic Forum’s Annual Meeting, which was designed to bring business elites from Ukraine, Russia, Europe and the rest of the world together in search of a solution for today’s impasse in a political dialogue amidst the rapidly deteriorating situation in Eastern Ukraine.

Regrettably, even the most pragmatic business people struggled to find common ground against the backdrop of increasing violence and a mounting death toll. It is indeed a huge undertaking for business to step up when politicians can’t seem to find the pathway to peace, but that is exactly why they must try.

Business alone can’t resolve the conflict, our political leaders and diplomats must remain in the driver’s seat. However, the role that the private sector could play must not be underestimated, and there are a few areas where the global business community could act now:

Acknowledge the problem and speak out
When recent shelling in Mariupol claimed the lives of more than 30 civilians, including two children, how can anyone remain silent? I would be the first to advocate that business must stay out of politics. There is no need for business to take sides or point fingers, but dead silence is equally indefensible. Every responsible businessperson must speak out for peace and must condemn violence. Joining the initiative of the  World Economic Forum, which urges a peaceful resolution to the conflict, or one taken by Richard Branson, or launching a new effort is the very least one must do. When business speaks out publicly, politicians often listen. It is clearly of mutual interest for Ukrainians and Russians, as well as the global business community, to stop the war, and the more voices that join in, the louder is the message.

Contribute to the dialogue
We must learn from history and leverage the experience of such initiatives as the Consultative Business Movement in South Africa or the Group of Seven in Northern Ireland. As a responsible global actor, business must mobilise resources, including the time commitment from CEOs, to keep channels of communication open. If the situation does not improve, how will it affect your business? What is the impact on your investment strategy? Those messages have to be communicated to give better context for decision-making by politicians and provide stronger incentives in their search for peaceful resolution.

Provide humanitarian aid and contribute to private-public collaboration
Words alone are not enough to bring relief to those in a conflict zone, and here again, business has a responsibility and an opportunity to show leadership by providing humanitarian aid. We must find ways to alleviate human suffering and stay united in our support of the innocent victims regardless of our own views on the origins of the conflict or parties responsible. Investing in humanitarian support, you will invest in the reconciliation after the war.

Offer analytical support
The Group of Seven in Northern Ireland was instrumental in articulating the arguments for peace. A quasi think-tank was formed that gathered information on the cost of war and its impact on business. Today, the economic consequences suffered by business in both Russia and Ukraine range from access to markets, reputational damage, sanctions that hamper companies’ ability to borrow, credit downgrades, loss of competitiveness, etc. Continued communication around the direct and ancillary costs of conflict, especially coming from business, will be instrumental in de-escalating tensions.

Lastly, little can be achieved by Russian and Ukrainian businesspeople alone without strong engagement and backing from the global community. Given the ever-growing divide of how the situation in Eastern Ukraine is understood in Moscow and in Kyiv, my appeal is to all concerned business leaders to join the conversation and empower your Russian and Ukrainian peers to stay the course and maintain whatever bridges still remain.

We must leverage all informal channels and establish a constructive dialogue between top business leaders and politicians. If business continues to talk and search for a solution, they can show the way for politicians to do the same.

Author: Olga Bielkova is a Member of the Ukrainian Parliament

Image: An image of Ukraine’s national flag REUTERS/Alexandr Kosarev