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KYIV — Russia’s war against Ukraine has produced some unexpected victims: the country’s oligarchs.
Ukraine has long Agreed One of the most corrupt countries on Earth and dozens of businessmen controlling a vast proportion of its wealth, as well as TV stations, mines, banks, shops, farms, real estate and others, are seen as major contributors.
One of their number – chocolate baron Petro Poroshenko – also served as president from 2014 to 2019.
But Russia’s full-scale invasion of Ukraine has upended his fortunes. The huge metalworks in Mariupol, owned by Rinat Akhmetov, have been turned into smoking ruins, farms stand idle and are littered with landmines, factories are out of business due to power cuts and seaborne exports have shrunk.
The political influence of the super-rich has also declined.
Even before the war, President Volodymyr Zelensky promoted a de-oligarchization law aimed at limiting their political influence.
The war has reinforced that effort. Zelensky no longer needs the political and financial support of the oligarchs, and the harrowing experience of defending the country against Russian aggression is likely to make Ukrainians less eager for the mega-wealthy again. Reducing corruption and strengthening the rule of law is also a condition for aid coming to Ukraine.
Here’s a look at how the war with Russia has changed the financial and political fortunes of five prominent Ukrainian businessmen.
Rinat Akhmetov
Ukraine’s richest man Akhmetov is paying a heavy price for Russia’s invasion of Ukraine.
The backbone of his business empire – the metallurgical group Metinvest – lost two of its major plants in southern Ukraine. The Azovstal Steelworks and Ilyich Iron and Steel Works were reduced to a pile of rubble by the Russian army during the assault on Mariupol.
in june, he filed The case against Russia in the European Court of Human Rights.
Since the start of the war, his other assets – including power plants, banks, farms, mining and processing plants – have either been damaged or confiscated by the Russian military.
Akhmetov’s companies funneled cash and resources to help the war effort, providing over $100 million in body armor and helmets, materials for fortifications, vehicles for the military, food kits and medicines for civilians. Is doing.
According to Akhmetov’s spokesman, he returned to Ukraine the day before Russia’s invasion.
“He met the beginning of the war at home in Kyiv. Since then he has not left Ukraine even for a day.
according In the Ukrainian edition of Forbes, Akhmetov’s fortune declined from nearly $14 billion in January to $4.3 billion in December, but he is still Ukraine’s richest person.
“Since intense military action and rocket attacks in Ukraine unfortunately continue on an almost daily basis, no accurate and complete damage calculations are possible at this stage, and estimates may be inaccurate and inconclusive,” the spokesperson said.
In 2021, Zelensky Guilty Accusations of an attempted coup, Akhmetov strongly denied. Since the invasion, he has handed over his media licenses (to praise from Zelensky) and his outright support for the war effort is buying him some support.
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Victor Pinchuk
Since the beginning of Russia’s invasion, Viktor Pinchuk has actively urged Western countries to strengthen their military support and criticized some countries such as Germany for foot-dragging.
By the end of September, according to his charitable foundation, the oligarch had spent more than $45 million on supporting Ukraine’s military and civilians.
In the first weeks of the war, when Russian troops were close to Kyiv, paramedics were stationed at Pinchuk’s luxurious mansion in the suburbs of the Ukrainian capital.
The oligarch’s business empire – built around pipe and railway wheel manufacturer Interpipe – suffered less than other oligarchic businesses.
“The financial condition of the holding company has worsened, but you cannot say that it is a disaster,” said Alexander Paraschi, head of research at the Ukrainian consultancy Concord Capital.
“They were affected not so much by the hostilities as by rising energy prices and problems with logistics,” he explained, explaining that the war had cut Interpipe’s ability to export by sea.
According to Forbes, his wealth has dropped from $2.6 billion to $2 billion.
Pinchuk’s media office did not respond to a request for comment.
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Petro Poroshenko
before the war, Poroshenko fighting for his political life, facing the allegations Promoting high treason and terrorism. According to state prosecutors, Poroshenko allegedly favored coal supplies from rebel-controlled areas of the Donbass region, rather than coal produced in South Africa.
Despite his protestations of innocence, some of his property and assets were confiscated by the Kyiv court.
But after the invasion, TV stations controlled by Poroshenko toned down criticism of Zelensky.
“On the first day of the Russian aggression, 24 February, I came to Zelensky and said: ‘I am no longer the leader of the opposition. You and I are both soldiers. I will not criticize anyone until we have won. interview with VOA.
Poroshenko, who supported nationalist policies while president, also donned military attire and organized groups of volunteers to help with the war – although Zelensky’s office has accused him of unnecessary PR.
Poroshenko’s companies spent more than $46 million to support the armed forces, his spokesman said. It has delivered armored vehicles, four-wheel drive pickups, bulletproof vests, helmets, fuel and more, procured in Italy and the UK.
Forbes says his wealth has dropped from $1.6 billion to $700 million.
Poroshenko’s media office declined to comment on losses to his businesses and personal fortune due to the war.
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ihor kolomisky
Kolomoisky was seen as a key original supporter of Zelensky – using his powerful TV stations to promote the popular actor and comedian during the 2019 presidential election.
However, the close ties to the new leader could not save Kolomoisky from problems.
In January, the US Department of Justice alleged Kolomoisky and an associate had committed money laundering in the U.S. Their lawyers deny any wrongdoing.
His main financial asset, Privatbank, was seized by Ukrainian authorities seven years ago after regulators found a $5 billion hole in its books, and Kolomoisky is still fighting for its return.
“There is little chance for Kolomoisky to get anything back through the courts,” said Paraschi of Concord Capital.
In July, Zelensky reportedly took steps to strip Kolomiysky of his Ukrainian citizenship because he also holds Israeli and Cypriot passports. Kolomisky is fighting the verdict.
In November, the Ukrainian government invoked wartime laws to take control of the stake in Ukranafta, the country’s leading energy company, which was partially controlled by Kolomoisky.
Kolomisky did not respond to a request for comment.
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Victor Medvedchuk
Viktor Medvedchuk, worth $620 million before the war, was the most influential pro-Russian oligarch in Ukraine; Russian President Vladimir Putin is reportedly her daughter’s godfather.
His rapprochement with the Kremlin backfired.
Prior to Russia’s full-scale invasion, Medvedchuk was arrested and charged with possible high treason on charges of collaborating with Russia on illegal gas extraction in the Black Sea as well as coal supplies from rebel-controlled areas of the Donbass region. He was facing scrutiny.
Medvedchuk escaped house arrest after the invasion but was recaptured while trying to leave the country disguised as a military volunteer.
in september, he was replaced For Ukrainian prisoners of war held by the Russians. His current whereabouts are unknown.
Croatia also seized his $200 million superyacht, the Royal Romance, which will auction Departed for the benefit of Ukraine.
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