Ukraine’s war economy continues to enrich its oligarchs, who have powerful positions in industries crucial to the war effort, like logistics, energy, and construction. Ukraine’s new oligarchs brand themselves as pro-Western patriots.
The country’s current business elite contrasts sharply with the country’s old oligarchs, who rose during the Soviet Union’s collapse. Most of them gained their wealth in Russia, influencing politics and the state budget in the 1990s. They financed Boris Yeltsin’s re-election and helped elevate Vladimir Putin to power.
There was a similar oligarchic class in Ukraine, but Russia’s 2022 invasion drastically altered the landscape. Ihor Kolomoisky, once a media mogul and key Zelensky backer, is now imprisoned on charges of fraud and murder. Many others from the old guard have fled abroad.
Unlike their predecessors, Ukraine’s new tycoons avoid owning TV channels, newspapers, or political parties. They no longer command private militias or directly appoint ministers. Zelensky retains strong political control, but the war economy has fueled a fresh surge of wealth for many oligarchs.
Transparency International’s Ukraine office recently flagged inflated prices in public procurement, noting Ukraine’s 105th rank in the global corruption index.
