Page 7 - UKRRptAug23

2.0 Politics
2.1 Kolomoisky on his back foot as pressure mounts
Kolomoisky, the Ukrainian oligarch, has been facing a series of challenges that have impacted his business empire and political influence, NV.ua reported in a long profile of the businessman’s woes.
Following the Russian invasion of Ukraine, his oil companies Ukrnafta and Ukrtatnafta were placed under the control of the Ministry of Defence, and his attempts to challenge this temporary nationalization were thwarted. He received a warning from the Office of the President, stating that he should remain silent or he would be deported to the United States to face justice there where he is under sanctions and suspected of being involved “in large scale corruption”. As a result, Kolomoisky complied with the warning.
While Kolomoisky still retains a significant business portfolio, including metallurgy, gas stations, media outlets, and an airline, his dreams of reclaiming Privatbank, Ukraine's largest consumer bank, remain elusive. Furthermore, his oil business is gradually slipping away, and he is unable to travel abroad due to an ongoing FBI investigation. His once-dominant position has been undermined, with the need to visit the National Anti-Corruption Bureau of Ukraine for questioning and endure searches of his home by security services. His fortune has fallen from an estimated $10bn pre-war to around $1bn now, after most of his known assets were frozen by a London court.
Kolomoisky has always been known for finding a way out of difficult situations, but the current challenges he faces are proving to be more formidable. He returned to Ukraine in 2019 after two years of exile during Poroshenko’s presidency, hoping to regain what he had lost under the previous
7 UKRAINE Country Report August 2023 www.intellinews.com