Ukrainian oligarchs

Oligarchs were usually defined as businessmen with direct influence on both politics and the economy. During the 1990s, oligarchs emerged in Ukraine as politically-connected nouveau riche whose wealth came through ties to the corrupt — but democratically elected — government of Ukraine in its transition to a market economy. Later, numerous Ukrainian business people took control of a political party. The Party of Greens of Ukraine, Labour Ukraine and Social Democratic Party of Ukraine (united) are examples of this, The oligarchs' influence on the Ukrainian government was extreme. In 2011 some analysts and Ukrainian politicians believed that some Ukrainian businesses tycoons with "lucrative relations" with Russia were deliberately hindering Ukraine's European Union integration. In 2021 Ukraine passed a law that defined an oligarch as someone fulfilling three of the following four criteria: • They have a fortune of $80 million (€75 million) or more; • They exert political influence • Own media outlets • Have beneficial ownership of a monopoly There is a requirement to register on the "register of oligarchs". They are then banned from financing political parties, cannot participate in the privatisation of major companies and must submit a special declaration of their income. ==List of oligarchs by wealth==

In total, in September 2021 the top 100 wealthiest business people in Ukraine controlled around $44.5 billion, according to Forbes, 27% of Ukrainian GDP. The top five Ukrainian oligarchs with net worth of at least $1 billion in 2024 were identified as: ==Chernenko study==

An economic study by Demid Chernenko identified 35 oligarchic groups based on data points between 2002–2016: == Anti-Oligarch Law ==

In September 2021, Verkhovna Rada passed Law No. 1780-IX, aimed at reducing the disproportionate influence of wealthy individuals over politics, media, and the economy. The law defines an oligarch as someone who meets at least three of the following four criteria: • Participates in political life • Has significant influence over mass media • Is the ultimate beneficiary of a monopoly • Possesses assets exceeding ₴2.5 billion (approx. $65 million) The law also established a formal registry of oligarchs, maintained by the National Security and Defense Council (NSDC), with legal consequences for those listed—including restrictions on financing political parties and participating in privatization. In July 2022, Rinat Akhmetov announced his complete withdrawal from the media business. His holding company SCM transferred licenses and broadcasting rights of Media Group Ukraine (which included major TV channels like Ukraina, Ukraina 24, and Football 1/2/3) back to the state. This move eliminated one of the key criteria—media influence. Soon after, his longtime associate Vadym Novinsky resigned from parliament, severing Akhmetov’s direct link to political life. According to Ukraine’s Minister of Justice Denys Maliuska, these actions meant Akhmetov no longer met the legal threshold to be classified as an oligarch. == Oligarchs during Russian invasion of Ukraine ==

Following the full-scale Russian invasion of Ukraine in February 2022, the role of Ukrainian oligarchs shifted significantly. Many of the nation's wealthiest figures adopted a public, pro-Ukrainian stance and provided substantial support to the war effort. Rinat Akhmetov, Ukraine's richest man, publicly condemned the invasion and pledged to help rebuild the country. SCM together with the Rinat Akhmetov Foundation have channeled over UAH 11.3 billion ($315 million) to help Ukraine. Similarly, former president Petro Poroshenko has leveraged his business and personal wealth to purchase and deliver military supplies, including armored vehicles, drones, and medical equipment, directly to frontline units. Viktor Pinchuk and his foundations have also provided millions in aid, focusing on medical supplies and humanitarian relief for civilians affected by the war. In contrast, other prominent oligarchs have faced renewed legal challenges. In September 2023, Ihor Kolomoisky was arrested on charges of fraud and money laundering, a move seen as a major step in President Volodymyr Zelenskyy's campaign to combat oligarchic influence and corruption. Additionally, Dmytro Firtash, who has been fighting extradition from Austria to the United States on bribery charges since 2014, has also seen his assets within Ukraine come under legal pressure. The war has accelerated a decline in the political and economic power of these figures as the government seeks to consolidate power and reduce the influence of powerful business interests. According to Anastasia Fomitchova, the full-scale provides the authorities with the opportunity to legally overturn the balance of power with Ukraine’s main economic actors. ==See also==