Once untouchable, Ihor Kolomoisky now finds himself at the center of the most high-profile criminal investigation against an oligarch in Ukraine’s post-independence history. From wielding vast political and economic influence to sitting in austere pretrial detention, the former banking and energy magnate is facing a legal reckoning with far-reaching implications.
In what Ukrainian authorities describe as a landmark anti-corruption case, Kolomoisky stands accused of embezzling over ₴5.36 billion (approx. $135 million) and laundering nearly ₴4.1 billion ($103 million) through complex financial schemes involving PrivatBank—once the country’s largest commercial bank—and other corporate entities at one point under his control.
According to the Bureau of Economic Security of Ukraine (BES), a Ukrainian federal law enforcement agency, Kolomoisky allegedly made fraudulent cash deposits into his own accounts and used falsified documentation to mask the origin of those funds. Ukrainian investigators claim a significant portion of the money credited to Kolomoisky’s accounts—over ₴2 billion—came from PrivatBank’s own loan facilities, essentially defrauding the institution he controlled.
In addition, BES detectives found evidence that Kolomoisky orchestrated the misappropriation of ₴3.3 billion from the state-owned oil company, Ukrnafta. The funds were siphoned through fictitious contracts for services that were never rendered. These deals, BES claims, were executed on Kolomoisky’s direct orders.
The investigation has culminated in a criminal case that spans nearly 600 volumes, a legal leviathan signaling the seriousness with which Ukrainian authorities are pursuing the charges against one of their most notorious and powerful tycoons.
Kolomoisky’s downfall marks a watershed moment for Ukraine’s anti-oligarch campaign under President Volodymyr Zelenskyy. While previous administrations often turned a blind eye to the oligarchs’ activities, the Zelenskyy government has demonstrated what many view as unprecedented political will to hold elite powerbrokers accountable. This is particularly notable since in the past, Ukraine’s President was supported by Mr. Kolomoisky.
“For 34 years, not a single Ukrainian government dared bring a case like this to completion,” said an official from the Prosecutor General’s Office. “Only under Zelenskyy has there been true political cover for law enforcement to work independently.”
Indeed, the prosecution of Kolomoisky represents a break from the past. In prior years, efforts by the Security Service of Ukraine (SBU), the National Police, and even the National Anti-Corruption Bureau of Ukraine (NABU) were either shelved or shut down. The case of PrivatBank’s fraudulent loans had been opened and closed multiple times. A 2005 investigation into Kolomoisky’s alleged involvement in the contract killing of attorney Serhiy Karpenko was dropped twice before being reopened under President Zelenskyy.
One of the most disturbing accusations against Kolomoisky concerns his suspected role in commissioning a contract killing. Ukrainian police are investigating claims that Kolomoisky ordered the assassination of lawyer Serhiy Karpenko, who was involved in a corporate dispute linked to the Dniprospecstal steel company.
According to the current investigation, Kolomoisky allegedly sought revenge for Karpenko’s refusal to annul shareholder decisions unfavorable to Kolomoisky’s interests. While this case has yet to result in formal charges, it casts a long shadow over the broader probe into his diverse business empire.
Kolomoisky’s legal woes are not confined to Ukraine. US authorities have been tracking his activities for years. The FBI has investigated him for financial crimes connected to PrivatBank, and in 2020, the US Department of Justice filed civil forfeiture complaints alleging that Kolomoisky and his associates used misappropriated funds to purchase real estate in Florida, Ohio, and Kentucky.
In 2021, the US Department of State imposed visa sanctions on Kolomoisky and his family for their alleged involvement in “significant corruption.” These measures were part of a broader US policy to isolate and penalize oligarchs perceived as threats to democratic institutions in Eastern Europe.
In February 2025, President Zelenskyy signed off on indefinite sanctions against Kolomoisky and four other prominent oligarchs—Petro Poroshenko, Viktor Medvedchuk, Hennadiy Boholyubov, and Kostyantyn Zhevago. The sanctions freeze all their assets, restrict financial operations, and prohibit participation in major transactions within Ukraine.
According to Ukraine’s National Security and Defense Council, all five are subjects of criminal investigations. Poroshenko, a sitting member of parliament and former president, is under investigation for treason. Medvedchuk faces charges related to war crimes and collaboration with Russian forces. Boholyubov is accused of document fraud and illegal border crossings, while Zhevago is under suspicion for embezzling $113 million.
Kolomoisky remains the only one among them currently in custody.
The BES-led investigation into Kolomoisky lasted more than a year, culminating in his formal arrest and asset seizure. Law enforcement in Ukraine froze his personal and corporate bank accounts, seized property, and restricted his movements. Despite the asset freeze and being detained pending trial, Kolomoisky still ranks among Ukraine’s wealthiest individuals, with holdings across metallurgy, oil refining, banking, and media.
PrivatBank, once the crown jewel of his empire, was nationalized in 2016 after auditors uncovered a $5.5 billion hole in its balance sheet. The Ukrainian government has since spent years untangling the web of offshore entities and loan schemes allegedly orchestrated by Kolomoisky and his associates.
Ukrainian authorities say the current charges represent only part of a much larger criminal network. Alexei Martynov, a former business partner and co-founder of the Privat Group, recently accused Kolomoisky of laundering over ₴5 billion through a charitable foundation—a new thread that prosecutors may pursue in future indictments.
Throughout his career, Kolomoisky leveraged media ownership to bolster his influence and suppress criticism. His 1+1 media holding, once one of Ukraine’s most powerful television networks, played a central role in shaping public opinion during multiple election cycles.
Even now, Ukrainian authorities suggest that Kolomoisky’s residual media clout and financial resources allow him to apply pressure behind the scenes. Officials have hinted at attempts to manipulate public messaging and interfere with the legal process, although no evidence of recent success has been presented.
Nonetheless, the BES claims it was able to complete its investigation despite such obstacles, making it the only agency to bring a criminal probe against Kolomoisky to the charging phase.
Kolomoisky’s legal team is currently reviewing the extensive case file put forth to indict him. Under Ukrainian criminal procedure, this stage can last several months before the case is formally referred to court. A trial could begin later in 2025, though legal analysts caution that the defense may attempt to delay proceedings through procedural challenges and appeals.
Whether Kolomoisky is ultimately convicted remains uncertain, but the symbolism of the case is already reshaping Ukraine’s post-Maidan legal landscape. For years, the oligarch class operated with impunity, their fortunes protected by informal pacts with political elites. That era, officials suggest, may finally be ending in Ukraine.
Ihor Kolomoisky’s prosecution is more than a corruption trial—it is a test of Ukraine’s judicial integrity, institutional independence, and democratic resilience. If successful, the case could pave the way for a broader dismantling of oligarchic power in Ukraine. But if Kolomoisky, with his billions and backroom connections, walks free, the public’s trust in justice may erode further.
Either way, the trial will be a defining moment not only for Kolomoisky but for Ukraine’s future as a law-governed state.
Frank Salvato is the vice president of News & Information Operations for Global Emergent Media Communications. He is the host of the Underground USA podcast. Salvato’s writing has been recognized by the US House Foreign Relations Committee and the Japan Center for Conflict Prevention. It has been published by The American Enterprise Institute, The Washington Times, Accuracy in Media, and American Greatness.
