For decades, Ukrainian billionaires like Akhmetov, Kolomoisky and Pinchuk have wielded immense economic and political power in the country. However, the full-scale invasion changed everything – the fortune of absolutely all the oligarchs became many times smaller.
As of January 2023, the richest person in Ukraine is Rinat Akhmetov. The Donetsk businessman has been holding this “honorary” title for many years, although on February 24 his capital was reduced by 3 times. The situation is no better for Akhmetov's “colleagues” – Viktor Pinchuk, Vadim Novinsky, Igor Kolomoisky and Petro Poroshenko.
Oligarchs lose influence and money after the start of a large-scale invasion
In 2017, London-based think tank Chatham House stated that Ukrainian “businessmen” pose the greatest danger to Ukraine. In addition, President Zelensky has repeatedly called them a group of people who consider themselves more important than deputies, officials or judges. Actually, it is not a secret for anyone that Ukrainian oligarchs often bought the loyalty of certain politicians or even parties, lobbied for decisions that were beneficial for themselves, which is not legal. However, unfortunately or fortunately, everything changed because of the war.
For example, Renat Akhmetov, who owned huge assets in the metallurgical and coal industries of our state, lost a lot of resources, because the same Azovstal metallurgical plant turned into ruins. In addition, Akhmetov transferred all his TV channels to state ownership, since, obviously, he could no longer hold them.
But Kolomoisky was left without Ukrnafta in the fall of this year. This enterprise decided to nationalize the state.
Like many ordinary civilians, since the start of the Russian invasion of eastern Ukraine in 2014, their businesses have been blown away by rockets and their property (the oligarchs – Channel 24) has been lost due to Russian occupation, BBC analysts noted.
In addition, they published an infographic showing how capital Ukrainian oligarchs had in February 2022 and 10 months after the invasion began.
How the condition of Ukrainian businessmen has changed since the beginning of the invasion / BBC
Before the full-scale war, the “law on deoligarchization” was on the agenda
It should be said that Ukrainian politicians tried to start fighting the oligarchs just before the start of a large-scale invasion. It was at the end of 2021 that the president signed the famous “deoligarchization bill”, which should help our state minimize the influence of businessmen on political processes.
Actually, this document defined an oligarch as a person who meets three of the following conditions:
- influence on the media or politics;
- possession of a monopoly;
- earning millions of dollars a year.
Anyone who met the requirements was subjected to additional checks and banned from funding political parties. It is important that the European Commission supported this initiative and called it the right one.
