By derimot*no - July 9, 2025

Ukraine's oligarchs are getting rich because of the war while trying to keep a low profile, writes the Swiss newspaper Neue Züricher Zeitung.

Ukraine was widely known as the most corrupt country even before the Ukraine war, but since the war broke out and tens of billions of euros have poured into the country, corruption has flourished like never before. The Swiss newspaper Neue Züricher Zeitung describes how a clique of oligarchs have become enormously wealthy, many of them close to President Volodymyr Zelensky.

“These powerful businessmen are profiting enormously from the war, while at the same time being patriotic, pro-Western and very discreet,” wrote the Kyiv correspondent of the Swiss Neue Züricher Zeitung (NZZ), Guillaume Ptak. In other words, rather than showing off their sports cars, these new oligarchs know they have to keep their wealth hidden in the midst of a devastating war. The paper profiles five individuals who have made enormous profits.

"The war, which has entered its fourth year, is proving to be very profitable for businessmen like Andri Stawnizer, Andri Kobolev, Oleksander Hereha, Andri Kolodyuk and Vasil Khmelnitsky. The quintet has established itself in the war economy, investing in reconstruction. They are making a fortune in strategic sectors such as logistics, energy or building materials," writes the Swiss newspaper.

NZZ writes that this new generation of oligarchs is not like the old one, and that “President Volodymyr Zelensky holds the reins.” Although Ukrainian authorities welcome most of the new oligarchs, this does not mean that they automatically have a good relationship with the presidency. The newspaper writes that Kobolev in particular was known for his anti-corruption activities even before the war. He reportedly does not have the best relationship with Zelensky, and has now himself been charged with corruption.

As for the other four, the newspaper makes no allegations of corruption, but Ukraine is known as a country where corruption is entrenched from the top to the bottom of the system. Many senior officials have been charged with corruption, but skeptics argue that in many cases these are officials who have come into conflict with someone with more power, who wanted to remove a rival.

As NZZ writes, overbilling is common in public procurement across Ukraine, often meaning that businessmen take a cut in addition to any services they provide, while others in the decision-making chain get a cut. While war has been profitable for Ukraine’s new oligarchs, NZZ writes that peace will likely pay them even more. Once the war is over, they will be able to make even more money from reconstruction, agriculture and mineral resources.

The issue of public corruption has drawn criticism from other European countries, many of whom are concerned about Ukraine's integration into the EU. "Ukraine is now ruled by an oligarchic regime that increasingly survives on external support. It is a country characterized by widespread corruption and a lack of genuine democratic frameworks," former German Finance Minister Oskar Lafontaine said in an interview with the Frankfurter Allgemeine Zeitung in January of this year.

In Ukraine, high-level corruption is the second biggest concern for Ukrainians, behind war, according to a survey conducted by the National Anti-Corruption Bureau. 71.6 percent of the population considers it the country’s second biggest problem, and 73 percent of entrepreneurs believe the same.

According to 87.9 percent of the population and 81.3 percent of businesses, embezzlement in the country has increased compared to 2022. Many hold Zelensky responsible, and fighting corruption is the responsibility of the president and his office. The responses also included allegations that the Council of Ministers and ministries can be held responsible for the spread of corruption.

From Remix News, published June 7, 2025.
Translated from English by Northern Light. Links in the original article.
Original article: Ukrainian oligarchs have become incredibly rich from the war, writes Swiss newspaper NZZ.

Cover photo: Son of corrupt Ukrainian official found lying in bed with a large sum of money – a total of $6 million seized from medical device fraud

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