'We have to take sides': Pakistani billionaire from Kyiv calls for support for Ukraine

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Updated 09 March 2022
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'We have to take sides': Pakistani billionaire from Kyiv calls for support for Ukraine

  • Mohammad Zahoor set up a conglomerate operating in real estate and the steel industry in Ukraine
  • He gained the title of ‘Pakistani Press Prince of Kyiv” after buying the English daily Kyiv Post in 2009

ISLAMABAD: A Ukrainian businessman of Pakistani origin, a major figure in the Eastern European country’s media and steel industries, has called for international support for Kyiv as Russia’s invasion of Ukraine entered its 13th day.

Born in the Pakistani megapolis of Karachi in 1955, Mohammad Zahoor was 19 when he first traveled to Ukraine, then a part of the Soviet Union, to study metallurgy on a Pakistan Steel Mills scholarship. After completing his master’s degree, he returned to Pakistan to work in the steel sector.

Years later, as the Union of Soviet Socialist Republics fell apart and Ukraine became an independent state in 1991, Zahoor went back to participate in the country’s transition into a capitalist economy. He invested in the steel sector and established ISTIL Group, a conglomerate operating in real estate, manufacturing, and coal enrichment.

The businessman also became involved in Ukraine’s media and entertainment scene, buying the Kyiv Post, the oldest English-language newspaper in Ukraine, in 2009, which he owned for nearly a decade, and which earned him the title of “Pakistani Press Prince of Kyiv.” In 2018, he sold the paper to Syrian Adnan Kivan for $3.5 million.

Married to Kamaliya, a Ukrainian pop star and former Mrs. World beauty pageant titleholder, Zahoor left Kyiv with the couple’s two daughters after the Russian invasion, with his wife joining a few days later. The family is currently staying in London.




Muhammad Zahoor (2nd row, left) with his wife and children at a ceremony where his wife, Kamaliya (2nd row right), receives person of the year award for her singing and charity work in Kyiv, Ukraine in 2019. (Photo courtesy: Muhammad Zahoor)

In an interview to Arab News last week, the tycoon called on world powers to side with Ukraine, where the number of refugees fleeing to neighboring countries has surged past two million.

“This is time, actually, for us not to keep quiet, we have to take sides,” Zahoor said in a Zoom interview. “I am openly taking the side of Ukraine … this is the time actually for everyone to speak up for Ukraine, otherwise every big country is going to swallow its next-door neighbor.”

“It’s more than ten days that civilians are [being] bombarded, the nuclear plant has been targeted,” Zahoor said, referring to Ukraine’s Zaporizhzhia plant, the largest in Europe, which was seized by Russia last week.

“I think we are in the worst crisis in the world since the Second World War,” he added, saying a nuclear accident “in the middle of Europe” could be worse than the 1986 Chernobyl disaster, considered the worst nuclear accident in history both in terms of cost and casualties.




Muhammad Zahoor (right) receives a donation for his wife’s charity to build a pediatric cardio center in Kyiv, Ukraine on December 9, 2018. (Photo courtesy: Muhammad Zahoor)

He lamented that European powers, as well as the United States and Britain, had not done enough to come to Ukraine’s aid, saying Ukrainian President Volodymyr Zelensky had been calling for intervention much before the Russian invasion.

“I think Europe has done much little than they should have done,” he said. “Not only EU, but America and UK as well.”

The EU, the United States, Britain and others have hit Russia with a wide range of sanctions after its invasion of Ukraine, and also imposed asset freezes, travel bans and other restrictions on numerous Russian individuals, including President Vladimir Putin himself.




Muhammad Zahoor, who later became a billionaire through steel business in Ukraine, during his days in Moscow, Russia in 1990. (Photo courtesy: Muhammad Zahoor)

On Tuesday, the United States and Britain moved to ban Russian oil imports, a decision that is expected to worsen disruptions in the global energy market as Russia is the second-largest exporter of crude.

Zahoor said the war could have consequences for Russia similar to the Soviet-Afghan war in 1979-89, which drastically weakened the Russian military and economy. The defeat in Afghanistan was one of the major blows that caused the Soviet Union to fall apart.

“Ukraine is going to be the next Afghanistan for Russia,” Zahoor said. “I don’t know how many years they are going to be in Ukraine but once they are out, they will be broken into pieces.”


Islamabad says army ‘fully prepared’ as Indian and Pakistani troops exchange fire in Kashmir

Updated 6 sec ago
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Islamabad says army ‘fully prepared’ as Indian and Pakistani troops exchange fire in Kashmir

  • India accuses Pakistan of involvement after attack in Indian-administered Kashmir, Islamabad calls charges “devoid of rationality”
  • There is growing concern since Tuesday’s attack that India could conduct military strikes in Pakistani territory as it did in 2019

ISLAMABAD: Pakistani Foreign Office Spokesman Shafqat Ali Khan said on Thursday the country’s armed forces were “fully prepared” to defend its sovereignty as troops from Pakistan and India exchanged fire overnight across the Line of Control in disputed Kashmir.
Relations have plunged to their lowest level in years, with India accusing Pakistan of supporting “cross-border terrorism” after gunmen carried out the worst attack on civilians in Indian-administered Kashmir for a quarter of a century. Pakistan has rejected India’s accusations as being “devoid of rationality,” saying they were made without any “credible investigation” or “verifiable evidence.”
Both nations have since announced tit-for-tat measures, including closing the only open land border they share, and suspending special South Asian visas that enabled people to travel between them. They have declared each other’s defense advisers in missions in New Delhi and Islamabad persona non grata and reduced the strength of their embassies.
India has also suspended a critical treaty that regulated the sharing of water from the Indus River and its tributaries, with Pakistan warning that any attempt to stop or divert its water would be considered an act of war and met with “full force.” Pakistan has paused all bilateral agreements, suspended all trade with India, including to and from any third country and closed its airspace to all Indian-owned and Indian-operated airlines.
“The National Security Committee underscored that Pakistan, its armed forces, remain fully capable and prepared to defend its sovereignty and territorial integrity against any misadventure,” the foreign office spokesman told a weekly news briefing, referring to Thursday’s meeting of top Pakistani military and civilian officials to finalize Islamabad’s response to India’s accusations and escalatory actions. 
“The Pakistani nation remains committed to peace, but will never allow anyone to transgress its sovereignty, security, dignity and their inalienable rights.”

Pakistani security personnel stand guard at the diplomatic enclave near the Indian High Commission in Islamabad on April 24, 2025, during an anti-India protest. (AFP)

There is growing concern since Tuesday’s attack that India could conduct a military strike in Pakistani territory as it did in 2019 in retaliation for a suicide bombing in Pulwama in Indian-administered Kashmir in which at least 40 Indian paramilitary police were killed. Pakistan had denied official complicity in that assault. Several leaders of Prime Minister Narendra Modi’s Hindu nationalist Bharatiya Janata Party have also variously called for military action against Pakistan this week. 
Speaking to an international media outlet on Thursday evening, Pakistani Defense Minister Khawaja Muhammad Asif said Islamabad would respond “in kind and with full force” to any Indian incursion on the pretext of Tuesday’s militant attack.

People shout slogans during an anti-India protest in Karachi on April 24, 2025. (AFP)

Meanwhile, Syed Ashfaq Gilani, a government official in Pakistan-administered Kashmir known as Azad Kashmir, told AFP Friday that troops exchanged fire along the Line of Control (LOC), which runs 742km (460 miles), dividing Indian- and Pakistan-controlled Kashmir, and acts as part of the de facto border between the two countries. The military frontline, which runs through inhospitable terrain, has separated hundreds of families and even divided villages and mountains.
“There was no firing on the civilian population,” Gilani added.
India’s army confirmed there had been limited firing of small arms that it said had been “initiated by Pakistan,” adding it had been “effectively responded to.”

People carry baggage as they travel toward the Attari-Wagah border crossing on the India-Pakistan border, near Amritsar, India, April 25, 2025. (REUTERS)

India’s army chief is expected to review security arrangements on Friday and visit the site in the Pahalgam area of Tuesday’s attack, Reuters reported on Friday, quoting army sources. 
The two countries both claim Muslim-majority Kashmir in full but rule it in part. India, a Hindu majority nation, has long accused Muslim-majority Pakistan of aiding separatists who have battled security forces in its part of the territory — accusations Islamabad denies.


Pakistan to respond to any Indian incursion ‘in kind,’ defense minister says

Updated 18 min 24 sec ago
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Pakistan to respond to any Indian incursion ‘in kind,’ defense minister says

  • The statement comes after an attack in Indian-administered Kashmir’s Pahalgam which has brought India, Pakistan to the brink of another war
  • Pakistan Defense Minister Khawaja Asif says they strongly suspect the Pahalgam attack, which killed 26 tourists, to be a ‘false-flag operation’

ISLAMABAD: Pakistan Defense Minister Khawaja Muhammad Asif has said that Islamabad will respond “in kind” to any Indian incursion on the pretext of a militant attack in Indian-administered Kashmir that killed over two dozen tourists this week.
India has said there were Pakistani elements in Tuesday’s attack, when militants shot dead 26 men in a meadow in the Pahalgam area. Islamabad has denied any involvement and described Indian allegations as “frivolous.”
The nuclear-armed nations have unleashed a raft of measures against each other, with India keeping a critical river water-sharing treaty in abeyance and Pakistan closing its airspace to Indian airlines, among other steps.
Indian Prime Minister Narendra Modi on Thursday vowed to chase the perpetrators of the Pahalgam attack to “the ends of the earth” after Indian police identified two of the three fugitive gunmen as Pakistani. India has not shared any proof to support its claims.
“If there is incursion from Indian side, Pakistan will meet that incursion in kind and [with] full force,” Asif said in an international media interview shared on Friday.
“We cannot allow this incursion of our soil, of our country. This is something which is very fundamental for the Pakistanis.”
Both Pakistan and India claim Muslim-majority Kashmir in full but rule it in part and have fought two of their three wars over the disputed region. India has long accused Pakistan of aiding separatists who have battled security forces in the part of the territory it controls, accusations Islamabad denies.
Since Tuesday’s attack, there have been calls for and fears that India could conduct a military strike in Pakistani territory as it did in 2019 in retaliation for a suicide bombing in Pulwama in Indian-administered Kashmir that killed at least 40 Indian paramilitary police. Several leaders of Modi’s Hindu nationalist Bharatiya Janata Party have called for military action against Pakistan.
Last week, Pakistan’s Army Chief General Asim Munir also voiced his support for the Kashmiri people, reiterating that Kashmir is the "jugular vein" of Pakistan.
“Our stance on Kashmir is absolutely clear. It was our jugular vein and it is our jugular vein,” he said at a convention of Overseas Pakistanis. "We will not forget it and we will not leave our Kashmiri brethren in their heroic struggle against the Indian occupation."
Indian officials and media have also criticized recent comments by the Pakistan army chief in support of Kashmiris’ right to self-determination, and linked it with the Pahalgam attack.
Asif said there was “absolutely no linkage” between Gen. Munir’s remarks and what happened in Pahalgam, adding that they suspected Tuesday’s attack to be a “false-flag operation.”
“There is absolutely no linkage. We make these speeches and, sort of, reiterate our commitment to Kashmir, which is a very fundamental commitment. It is something which goes with our existence as a state,” he said.
“We suspect, very strongly suspect, this was a false-flag operation and Pulwama, the last time, you are talking about 2019, ultimately proved to be a hoax. It was admitted by the India media that it was a hoax created or orchestrated to, you know, blame Pakistan for something which was never connected to Pakistan, and ultimately they were humiliated.”
As both India and Pakistan teeter on the brink of another conflict, there have been calls by the United Nations (UN) for both nuclear-armed rivals to show “maximum restraint,” while the United States (US) has said it is “closely” monitoring the situation.


US says ‘closely’ monitoring situation after attack on tourists in Kashmir

Updated 25 April 2025
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US says ‘closely’ monitoring situation after attack on tourists in Kashmir

  • The attack in Pahalgam, which killed 26 people, has once again brought India and Pakistan to the brink of another war
  • The UN has urged both nations to show ‘maximum restraint’ as the nuclear-armed rivals announced tit-for-tat measures

ISLAMABAD: The United States (US) is “closely” monitoring the situation after an attack on tourists in Indian-administered Kashmir, the State Department said on Thursday, as both India and Pakistan teeter on the brink of another conflict.
India and Pakistan have come close to a war as the two nuclear-armed South Asian neighbors downgraded diplomatic and trade relations, closed the main border crossing and revoked visas for each other’s nationals in tit-for-tat moves this week.
Indian Prime Minister Narendra Modi has vowed to pursue and punish the gunmen responsible for killing 26 civilians in the tourist hotspot of Pahalgam on Tuesday, accusing Pakistan of supporting “cross-border terrorism.” Pakistan has denied it was behind the attack, claimed by a previously unknown militant group.
“As we all know, it’s a rapidly changing situation and we are monitoring it closely,” State Department spokesperson Tammy Bruce said during a press briefing.
The statement came after Modi vowed to hunt down the gunmen responsible for killing 26 civilians in Pahalgam and the Indian police identified two of the three fugitive gunmen as Pakistani.
“I say to the whole world: India will identify, track and punish every terrorist and their backer,” Modi said, in his first speech since Tuesday’s attack in the Himalayan region. “We will pursue them to the ends of the Earth.”
Islamabad has called the attempts to link Pakistan to the Pahalgam attack “frivolous” and vowed to respond to any Indian action.
“Any threat to Pakistan’s sovereignty and to the security of its people will be met with firm reciprocal measures in all domains,” a Pakistani government statement said.
Kashmir has been divided between India and Pakistan since their independence in 1947, with both claiming the territory in full but governing separate portions of it. The Muslim-majority region has been the cause of two of their three wars and also witnessed a bloody insurgency against Indian rule.
Bruce, however, declined to comment on the status of the disputed region.
“We, of course, are not now taking a position on the status of Kashmir or of Jammu either,” she said.
Also on Thursday, the United Nations urged both India and Pakistan to show “maximum restraint” as the nuclear-armed rivals imposed tit-for-tat diplomatic measures.


India and Pakistan urged to have ‘maximum restraint’ after Kashmir attack

Updated 25 April 2025
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India and Pakistan urged to have ‘maximum restraint’ after Kashmir attack

  • Relations have plunged to their lowest level in years after gunmen carried out the worst attack on civilians in Indian-administered Kashmir
  • Kashmir has been divided between India and Pakistan since independence in 1947, with both claiming the territory in full but governing in part

NEW DELHI: The United Nations urged India and Pakistan to show “maximum restraint” as the nuclear-armed rivals imposed tit-for-tat diplomatic measures over a deadly shooting in Kashmir.
Relations have plunged to their lowest level in years, with India accusing Pakistan of supporting “cross-border terrorism” after gunmen carried out the worst attack on civilians in contested Muslim-majority Kashmir for a quarter of a century.
“We very much appeal to both the governments... to exercise maximum restraint, and to ensure that the situation and the developments we’ve seen do not deteriorate any further,” UN spokesman Stephane Dujarric told reporters in New York on Thursday.
“Any issues between Pakistan and India, we believe, can be and should be resolved peacefully through meaningful mutual engagement.”
Indian Prime Minister Narendra Modi on Thursday vowed to hunt down the gunmen responsible for killing 26 civilians at the popular tourist site of Pahalgam, after Indian police identified two of the three fugitive gunmen as Pakistani.
“I say to the whole world: India will identify, track and punish every terrorist and their backer,” Modi said, in his first speech since Tuesday’s attack in the Himalayan region.
“We will pursue them to the ends of the Earth.”
Denying any involvement, Islamabad called attempts to link Pakistan to the Pahalgam attack “frivolous” and vowed to respond to any Indian action.
“Any threat to Pakistan’s sovereignty and to the security of its people will be met with firm reciprocal measures in all domains,” a Pakistani statement said, after Pakistan Prime Minister Shehbaz Sharif held a National Security Committee meeting with top military chiefs.
Kashmir has been divided between India and Pakistan since their independence in 1947, with both claiming the territory in full but governing separate portions of it.
Rebel groups have waged an insurgency in Indian-controlled Kashmir since 1989, demanding independence or a merger with Pakistan.
India’s air force and navy both carried out military exercises Thursday.
Indian police say the three gunmen are members of the Pakistan-based Lashkar-e-Taiba group, a UN-designated terrorist organization.
They offered a two million rupee ($23,500) bounty for information leading to each man’s arrest.
A day after the attack, New Delhi suspended a water-sharing treaty, announced the closure of the main land border crossing with Pakistan, downgraded diplomatic ties, and withdrew visas for Pakistanis.
In response, Islamabad on Thursday ordered the expulsion of Indian diplomats and military advisers, canceling visas for Indian nationals — with the exception of Sikh pilgrims — and closing the main border crossing from its side.
Pakistan also warned any attempt by India to stop the supply of water from the Indus River would be an “act of war.”
Pahalgam marks a dramatic shift in recent Kashmiri rebel attacks, which typically target Indian security forces.
Experts say that a military response may still be in the pipeline, with some speculating that it may come within days while others say weeks.
In 2019, a suicide attack killed 41 Indian troops in Kashmir and triggered Indian air strikes inside Pakistan, bringing the countries to the brink of all-out war.
“Whatever little land these terrorists have, it’s time to reduce it to dust,” Modi said on Thursday, after holding two minutes of silence in memory of those killed, all but one of whom was Indian.
India has taken its time to respond to past attacks.
The worst attack in recent years in Indian-run Kashmir was at Pulwama in 2019, when insurgents rammed a car packed with explosives into a police convoy, killing 40 and wounding 35.
Indian fighter jets carried out air strikes on Pakistani territory 12 days later.
Tuesday’s assault occurred as tourists enjoyed tranquil mountain views at the popular site at Pahalgam, when gunmen burst out of forests and raked crowds with automatic weapons.
Survivors told Indian media the gunmen targeted men and spared those who could give the Islamic declaration of faith.
Indian security forces have launched a vast manhunt for the attackers, with large numbers of people detained.
The attack has enraged Hindu nationalist groups, and students from Kashmir at institutions across India have reported experiencing harassment and intimidation.


Pakistan seeks ADB’s credit guarantee for yuan-denominated Panda bond issue

Updated 25 April 2025
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Pakistan seeks ADB’s credit guarantee for yuan-denominated Panda bond issue

  • The development follows upgrades in Pakistan’s sovereign ratings by major credit rating agencies
  • Islamabad plans to launch yuan-denominated Panda bonds in June to raise roughly $200 million

KARACHI: Pakistan has sought support of the Asian Development Bank (ADB) for the issuance of its yuan-denominated Panda bond, the Pakistani finance ministry said on Thursday.
The statement came after Pakistan Finance Minister Muhammad Aurangzeb’s meeting with ADB President Masato Kanda in Washington D.C., wherein the two sides discussed their Country Partnership Strategy 2026-2030 and budgetary support.
Pakistan plans to launch yuan-denominated Panda bonds in June to enhance its presence in Chinese capital markets and raise approximately $200 million from Chinese investors, following upgrades in its sovereign ratings by major credit agencies.
Islamabad is being advised on the issuance of Panda bonds by the China International Capital Corporation, a partially state-owned financial services company. However, the latest figure shared in Jan. is lower than the $300 million targeted by Pakistan last year.
“The minister requested ADB’s support for a partial credit guarantee for the issuance of Pakistan’s Panda bond,” the Pakistani finance ministry said.
The development comes more than a week after global ratings agency Fitch upgraded Pakistan’s foreign currency credit rating to ‘B-’ from ‘CCC+’, citing increased confidence in the country’s progress on narrowing its budget deficits.
The upgrade also reflects confidence that the country would implement structural reforms, supporting its International Monetary Fund (IMF) program performance and funding availability, according to Fitch.
Pakistan’s economy had been teetering on the brink of default ever since inflation rose to a record high in May 2023 and reserves started shrinking, but has seen some respite thanks in part to a $7 billion bailout program from the IMF.
Aurangzeb and the ADB president also discussed the Bank’s Country Partnership Strategy 2026-2030 for Pakistan and agreed to fast-track the project’s execution, according to the Pakistani finance ministry.
“He also expressed hope that budgetary support from ADB would materialize this year and assured the participation of Pakistan’s delegation in the CAREC (Central Asia Regional Economic Cooperation Program) meeting scheduled for November 2025,” it added.
Pakistan is a founding member of the ADB. Since 1966, the bank has committed over $52 billion in public and private sector loans, grants, and other forms of financing to promote inclusive economic growth in Pakistan and improve the country’s infrastructure, energy and food security, transport networks, and social services.