"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," Nebenzya said during a meeting of the UN Security Council.
The Russian ambassador explained that capital does flow into Ukraine but its distribution will be given to BlackRock.
The US company has also concluded an agreement to launch a Ukrainian Development Fund, Nebenzya said.
The World Bank estimated in March that Ukraine will need about $411 billion over the next ten years to recover from the conflict it is engaged in.
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.