This is the second part of RT’s special investigation on Igor Kolomoysky. You can find Part 1 here\u00a0to read about\u00a0Kolomoysky’s rise to the status of godfather of Ukrainian corruption, his involvement in the Maidan revolution and the following years leading up to Vladimir Zelensky’s election.
\nZelensky elected: The people\u2019s fantasies and Kolomoysky\u2019s favor
\nIn April 2019, comedian Vladimir Zelensky defeated in a landslide incumbent Pyotr Poroshenko in the Ukrainian presidential election. It was an instance of life imitating art. In a TV series called \u2018Servant of the People\u2019, Zelensky played the role of a school teacher who launches a quixotic bid for the presidency running as an anti-corruption crusader. The series, which became wildly popular, aired on the TV channel 1+1, majority owned by Kolomoysky\u2019s 1+1 Media Group.
\nZelensky positioned himself as the consummate outsider. During the election campaign, he preferred posting light-hearted videos to social media \u2013 and giving vague promises to stamp out corruption \u2013 over giving serious interviews or discussing policy. He did, however, promise to stop the war in Donbass and, being a Russian speaker himself, opposed the rigid language policies of Poroshenko. But otherwise, there wasn\u2019t much there. Ukrainian sociologist Irina Bereshkina called him \u201ca screen on which every person projected his own fantasies.\u201d That, in addition to the support of Kolomoysky, proved to be his biggest advantage.<\/p>\n
Poroshenko, meanwhile, whose term in office was widely considered to have fallen short of the lofty ideals of the Maidan, ran on a vision of Ukrainian nationalism anchored in a misty past. His campaign slogan was \u201cArmy, language, faith.\u201d
\nIn an effort to burnish his grassroots credentials, Zelensky naturally sought to distance himself from Kolomoysky, scoffing at the notion that he was in any way beholden to the oligarch. However, coverage on Kolomoysky\u2019s channel overwhelmingly favored Zelensky. The informal manager of Zelensky\u2019s campaign was none other than Andrey Bogdan, the lawyer who represented Kolomoysky in the PrivatBank affair. Bogdan would be Zelensky\u2019s first chief of staff before being pushed aside in favor of Andrey Yermak.
\nMeanwhile, documents from the Pandora Papers leaked to the International Consortium of Investigative Journalists and later analyzed by OCCRP offer a window into ties far more intricate than Zelensky would have anyone think.
\nThe documents show that Zelensky and his partners in the television production company Kvartal 95 set up a network of offshore firms dating back to at least 2012, which happens to be the same year the company began making regular content for Kolomoysky. The offshore entities funneled Kolomoysky\u2019s money through the British Virgin Islands, Belize, and Cyprus in order to avoid paying taxes in Ukraine. According to the documents, associates of Zelensky used these entities to purchase and own three high-end properties in London.
\nIn April 2019, the Kyiv Post reported that Zelensky traveled a total of 11 times to Geneva and an additional two times to Tel Aviv over the two-year period in which Kolomoysky was in exile and residing in those cities at the time of the flights, respectively.<\/p>\n
Vladimir Ariev, a Rada MP representing Poroshenko\u2019s party, contended that Kolomoysky used Zelensky\u2019s companies for money laundering. He claimed that $41 million from PrivatBank was transferred, through a series of intermediary companies, to the accounts of Kvartal 95 while the bank was still controlled by Kolomoysky. Ariev called the scheme, whereby money would be lent to entities ultimately controlled by the oligarch himself, standard\u00a0practice for Kolomoysky.\u00a0
\nZelensky\u2019s distancing efforts notwithstanding, Kolomoysky was widely seen as responsible for delivering the presidency to the comedian. Kolomoysky was hardly shy about how his prot\u00e9g\u00e9\u2019s victory was perceived: \u201cPeople come to see me in Israel and say, \u2018Congrats! Well done!\u2019 I say, \u2018For what? My birthday\u2019s in February\u2019. They say, \u2018Who needs a birthday when you\u2019ve got a whole president?\u2019\u201d
\nZelensky was inaugurated on May 20, 2019. Three days later, the Ukraine Crisis Media Center published a rather starkly worded list of \u201825 Red Lines Not To Be Crossed\u2019,\u00a0ostensibly on behalf of the NGOs representing the country\u2019s \u201ccivil society.\u201d And what if the lines are crossed? The warning deserves to be quoted in full:
\n\u201cAs civil society activists, we present a list of \u2018red lines not to be crossed\u2019. Should the President cross these red lines, such actions will inevitably lead to political instability in our country and the deterioration of international relations.\u201d
\nImplicitly threatening to give this political instability a push was a list of donors representing a veritable who\u2019s who of nefarious US and Western meddlers and color revolutionaries. Occupying pride of place are USAID and the US Embassy. Also listed are NATO and the National Endowment for Democracy, among others.
\nFormer US State Department official Mike Benz asked the rhetorical question of why USAID would sponsor a 70-NGO consortium that directly threatens the newly elected president and ensures that USAID grantees controlled virtually every facet of how Ukraine could run its own country. Zelensky, however, would soon have more than the NGOs to worry about. Set to re-enter the fray was a man with his own red lines.
\nHe\u2019s back with a vengeance
\nJust a month after Zelensky\u2019s election, Kolomoysky made a triumphant return from exile to Ukraine and immediately set about settling scores and maneuvering to keep his local business empire afloat, even\u00a0trying to claim billions in compensation due to losses he incurred in the 2016 nationalization of PrivatBank.
\nThe president showed no inclination to confront his benefactor. In fact, the oligarch\u2019s first year under Zelensky went well. Through various political intrigues, he managed to wrest informal control of state-owned Centrenergo, Ukraine\u2019s most lucrative energy distribution company, and reasserted his influence over Ukrnafta (while this time leaving the headquarters unmolested by armed thugs).<\/p>\n
In September, police raided the headquarters of PrivatBank, now being run by state-appointed managers, and also the home of Valeria Gontareva, the former head of Ukraine\u2019s central bank, who presided over the nationalization of the bank. Days later, Gontareva\u2019s dacha outside Kiev was firebombed. Kolomoysky, who had a court-proven history of threatening Gontareva, was widely suspected to be behind these incidents. Zelensky promised an investigation. It hardly bears stating that nothing came of it.
\nKolomoysky did not shy away from the media spotlight upon his return, giving numerous interviews and making various high-profile appearances. On September 10, he met with Zelensky, his chief of staff, and Kiev\u2019s prime minister to discuss \u201cissues around conducting business in Ukraine\u201d and \u201cthe energy sector,\u201d in which Kolomoysky had significant financial interests. Investment banker Sergey Fursa\u00a0bluntly called the photograph accompanying their meeting \u201ca signal to all officials and especially all managers of state companies: this is your new \u2018daddy.\u2019\u201d
\nMeanwhile, in December 2019, Zelensky met with Russian President Vladimir Putin, French President Emmanuel Macron, and German Chancellor Angela Merkel in Paris at what was called the Normandy Format for resolving the conflict in Donbass. However, when it came time to approve the final communique, Zelensky got cold feet. He objected to a critical clause in the document that envisaged a recommendation to the parties to disengage forces along the entire line of contact. This clause had been endorsed at the level of the foreign ministers and advisers to the heads of state of all parties involved: France, Germany, Ukraine, and Russia. The statement ended up being signed with this clause removed, but from the Russian perspective, it was fatally compromised by Zelensky\u2019s last-minute wavering.
\nGiven Zelensky\u2019s previous backing of the so-called Steinmeier Formula, a way to sequence two politically fraught steps as mandated in the Minsk accords aimed at settling the Donbass crisis, Moscow had been led to believe that progress might finally be possible. Zelensky\u2019s former chief of staff, Bogdan, in a later interview with Ukrainian journalist Dmitry Gordon, admitted that the Ukrainian side\u00a0\u201ctricked Putin\u201d at the Normandy meeting. The Ukrainians \u201cpromised one thing \u2013 they did nothing,\u201d according to Bogdan. Whether radical nationalists forced Zelensky\u2019s hand is debated, but either way it was an inflection point.
\nIn fact, many commentators saw the Ukrainian president\u2019s unwillingness to back a full disengagement along the line of contact as the moment when Putin understood that reaching a meaningful agreement with Zelensky was impossible. This was an often underappreciated episode on the path to the fateful events of February 2022.
\nOverall, the Financial Times gave Zelensky mixed reviews after his first six months in office, praising the numerous bills aimed at upgrading the economy and modernizing the state while also warning of a nascent authoritarian streak. It wondered whether what was transpiring was the \u201cstory of reformist idealism marred by suspicion that the new generation could be yet another political vehicle for corporate capture of the state.\u201d It also identified the biggest question hanging over Zelensky as being his relationship with Igor Kolomoysky.
\nPlacating the IMF
\nZelensky entered office at a time Ukraine was in urgent need of IMF financing to keep its brittle economy stable. The IMF was willing to stump up the cash but with conditions attached. Among them, the non-negotiable demand that Kolomoysky not be handed back control of PrivatBank, or compensated for its nationalization. Given the scale of the fraud, it beggars the imagination that such a step was possible, but Kolomoysky had already made significant progress toward clawing back his prized asset and Zelensky seemed willing to entertain a deal.
\nKolomoysky, in ill-humor at the demands emanating from the West to cut him down to size, orchestrated an eye-raising pivot. Declaring\u00a0\u201cscrew the IMF,\u201d he proposed that Kiev default on its loans with the institution. Instead, the self-proclaimed die-hard European suggested Ukraine embrace Russia. \u201cThey\u2019re stronger anyway. We have to improve our relations\u2026 People want peace, a good life, they don\u2019t want to be at war,\u201d he said in late 2019, while blaming the country\u2019s tensions with Moscow on the US \u201cforcing us\u201d to wage a brutal conflict in Donbass.
\nHe believed financing from Russia could replace IMF loans, suggesting Moscow would \u201clove to give\u201d Kiev up to $100 billion.
\nIndeed, Ukraine\u2019s new president was in a tight spot. Zelensky needed to demonstrate to the IMF, and the US by extension, that he was reining in Kolomoysky\u2019s economic and political power, but without actually undertaking substantive action against the oligarch. The solution was to generate enough window-dressing to secure the money, while simultaneously moving against figures seen as threatening his benefactor.
\nWhen Prime Minister Aleksey Goncharuk tried to change Kolomoysky\u2019s managers at Centrenergo \u2013 a company the oligarch ran from the shadows \u2013 the newcomers were physically harassed, and it was Goncharuk who was removed instead. Most of the government went with him.<\/p>\n
Aleksey Goncharuk<\/p>\n
Head prosecutor Ruslan Ryaboshapka, who had been overseeing a major reform of Ukraine\u2019s corrupt prosecutor\u2019s office and appeared to have his sights set on Kolomoysky, was fired just eight months after Zelensky called him \u201c100% my person.\u201d
\nNevertheless, in June 2020, the IMF approved a $5 billion program \u2013 conditioned explicitly on Ukraine passing the so-called \u2018Anti-Kolomoysky Law\u2019, preventing the return of insolvent and nationalized banks to their former owners, and also on central-bank independence. However, the ink had hardly dried from the IMF deal when latter condition went out the window.
\nJust a month after the IMF funds came through, Yakov Smolii, the National Bank of Ukraine\u2019s governor, was bullied by Zelensky into resigning after what he called\u00a0\u201csystematic political pressure\u201d behind which lurked Kolomoysky. Well-regarded by the IMF, Smolii\u2019s departure made a mockery of the conditions Ukraine was expected to fulfill.
\nZelensky (sort of) takes on the oligarchs (but not all of them)
\nBy the end of 2020, Zelensky\u2019s poll numbers were plummeting, and his presidency appeared in tatters. He had failed to fulfill any of his campaign pledges, most notably achieving peace in Donbass. A poll taken at the end of 2020 showed nearly half of Ukrainians were disappointed in his performance over the past year and 67% believed the country was heading in the wrong direction.
\nOn March 5, 2021, the US finally sanctioned Kolomoysky, citing his involvement in \u201csignificant corruption\u201d in his official capacity as governor of Dnepropetrovsk Region six years earlier.
\nA coincidence or not, exactly a week later, Zelensky released a short video on YouTube called \u2018Ukraine fights back\u2019 in which he declared a frontal attack on those he believed had been undermining the country and taking advantage of its frail rule of law. He called out the \u201coligarchic class\u201d and named names: \u201c[Viktor] Medvedchuk, [Igor] Kolomoysky, [Pyotr] Poroshenko, [Rinat] Akhmetov, [Viktor] Pinchuk, [Dmitry] Firtash.\u201d He asked oligarchs directly whether they would be willing to work legally and transparently or whether they intended to maintain their crony networks, monopolies, and pocket parliamentary deputies. He concluded with a flourish: \u201cThe former is welcome. The latter ends.\u201d
\nThese were bold words, but what was the follow-up? On June 1, 2021, a new \u2018anti-oligarch bill\u2019 was rolled out in the Rada. This measure sought to create an official register of oligarchs. Those classified as such would be banned from donating to political parties and participating in the privatization of state assets. It was never explained how oligarchs would be forced to sell their media outlets. The final say on determining who is an oligarch and who should face what restrictions was left to the National Security and Defense Council, a body chaired by the president.
\nThe bill turned out to be an object of derision even among allies. According to Emerging Europe, \u201cthe bill opens a wide door for subjective targeting and could be a populist move aimed to strengthen [Zelensky\u2019s] presidential powers.\u201d
\nIn November of the same year, the Rada also passed legislation affecting how taxes were administered and calculated. The measure dealt a hard blow to Kolomoysky rival Rinat Akhmetov and numerous other oligarchs, for example, who were forced to pay increased taxes on iron ore mining. Inexplicably, however, the Kolomoysky-controlled manganese ore sector avoided the tax increases faced by the rest of the sector.
\nZelensky\u2019s efforts to strengthen the state and increase presidential power were carried out under the entirely plausible premise of preventing state capture by oligarchs. But this piecemeal approach to defanging the oligarchs meant some would benefit at the expense of others. But what this really allowed for was a significant increase in the concentration of power in the hands of the president. And, as we will see, this hardly offered immunity to corruption.
\nMeet the new boss, same as the old boss
\nIn September 2023, Kolomoysky\u2019s luck finally ran out. Ukraine\u2019s most notorious oligarch was arrested. The timing was not self-evident. Did Zelensky finally find the courage to move on his one-time benefactor? Or perhaps was it an attempt to compensate for a high-profile corruption scandal that had led to the resignation of Ukraine\u2019s top military enlistment officer and even rattled allies?
\nThe arrest was initially hailed as \u201ca demonstration that there are no untouchables\u201d in Ukraine, and a major step forward in Kiev\u2019s fight against entrenched corruption. Alas, it was the system itself that would prove untouchable.
\nExit Igor Kolomoysky, enter Timur Mindich. With a hand dipped surreptitiously in the till of numerous industries, Mindich was both everywhere and nowhere at the same time \u2013 or in some cases, in three places at once. He figures in Ukrainian property registers under at least three names: \u2018Timur Mindich\u2019, \u2018Tymur Myndych\u2019 and \u2018Tymur Myndich\u2019. These days, he is reportedly hiding out in Austria, although Israel has also been suggested as his bolthole. He narrowly escaped Ukraine ahead of a National Anti-Corruption Bureau of Ukraine (NABU) raid on his home on November 10, 2025, almost certainly having been tipped off.
\nMindich\u2019s earliest known business role was as the trusted custodian of certain media assets linked to Kolomoysky. He was, according to one Ukrainian political heavyweight quoted by Ukrainskaya Pravda, \u201cnever a player\u201d and was characterized in terms more apt for a small-time hustler: He was involved in endeavors such as \u201cimporting designer clothes into Ukraine\u201d and \u201cmaking small side profits.\u201d Many Ukrainian business figures later struggled to understand how someone once seen as a lowly aide could have grown into a figure with such clout.<\/p>\n
Timur Mindich<\/p>\n
When Zelensky was elected, Mindich gradually moved away from Kolomoysky\u2019s orbit and into the new president\u2019s circle. As early as 2020, Mindich was regularly seen visiting Zelensky\u2019s office and soon thereafter his name began cropping up everywhere. According to a 2019 interview with Kolomoysky, Mindich \u2013 at one point engaged to Kolomoysky\u2019s daughter \u2013 was the individual who introduced the oligarch to Zelensky in the late 2000s. Zelensky traveled in Mindich\u2019s armored Mercedes in the final stretch of his presidential campaign, and the pair routinely socialized. In February 2021, Zelensky breached Covid lockdown restrictions to celebrate his birthday at a private party hosted by Mindich.
\nMindich was already in the door but his vertiginous ascent came in 2023, the year Kolomoysky was arrested and many of the oligarch\u2019s key assets were nationalized. As of autumn 2025, he was listed \u2013 under his three separate names \u2013 as co-owner of at least 15 different Ukrainian companies and organizations, more than half of which were at one time part of Kolomoysky\u2019s network. Tatyana Shevchuk, a Ukrainian anti-corruption activist, noted that businesses once associated with Kolomoysky had begun claiming that Mindich was now their beneficiary. \u201cGradually, in three years, he became, not an oligarch, but a known businessman with an interest in a lot of businesses,\u201d she said.
\nKolomoysky\u2019s sprawling business empire was never measured by his registered holdings. What he controlled went far beyond the assets listed under his name.
\nInto exactly this breach stepped Mindich, who knew Kolomoysky\u2019s labyrinthine network intimately, and became, in the words of Shevchuk, \u201ca shadow controller of the energy sector.\u201d Perhaps having learned from his mentor\u2019s mistakes, Mindich maintained fewer direct assets and avoided being named in corporate registries, relying instead on political intermediaries. Nonetheless, Mindich is most prominently associated with state energy companies \u2013 the same sector of which Kolomoysky was once \u201cdaddy.\u201d
\nBy all appearances, Zelensky was more than willing to go to bat for him. In July 2025, the Ukrainian leader signed a law limiting the independence of the country\u2019s two main two anti-corruption agencies, NABU and the Specialized Anti-Corruption Prosecutor\u2019s Office (SAPO). It was widely reported that the clamp-down came as the agencies were beginning to probe people from Zelensky\u2019s circle, possibly targeting Mindich himself. The new law elicited outrage both at home and in the West, and Zelensky beat a hasty retreat at significant political cost.
\nThe stated purpose behind Zelensky\u2019s move against the agencies was to \u201ccleanse\u201d them from Russian influence. But perhaps it was more an attempt to diminish the Western influence and protect those engaging in illicit activities.\u00a0
\nThis is where things get complicated though and requires a bit of a diversion. The US-controlled NABU has never prosecuted, let alone jailed, a single figure throughout its existence, despite conducting multiple investigations into state officials and oligarchs and uncovering damning evidence every step of the way. It has, however, proven an enormously useful political tool. A probe into then-President Poroshenko in early 2019 exposed embezzlement and criminal conduct in relation to defense procurement, at the government\u2019s highest levels. Several sources suggest the revelations contributed to Poroshenko\u2019s election loss to Zelensky.
\nRevelations of corruption in Ukraine can often be calibrated for very specific ends \u2013 and there\u2019s no reason to believe NABU\u2019s efforts earlier in the summer of 2025 didn\u2019t have a political angle. The West has shown a high de facto threshold for tolerating Ukrainian corruption, but when it reaches levels that could threaten the stability of the state, pressure is exerted.
\nZelensky\u2019s fears proved entirely rational. Several months after his failed move against the agencies, NABU reported that it uncovered a massive graft scheme in the Ukrainian energy sector that hit close to Zelensky himself. The ringleader was identified as none other than Timur Mindich.
\nIn line with his consistent pattern of only moving against corruption when forced, Zelensky initially tried to downplay Mindich\u2019s role in the case. Only after more damning evidence emerged did the Ukrainian leader impose sanctions on Mindich. Similarly, when Justice Minister Herman Galushchenko and Energy Minister Svetlana Grinchuk were implicated, Zelensky first sought to place them on temporary leave. Only after a public outcry did he relent and ask for their resignations.<\/p>\n
Herman Galushchenko<\/p>\n
A similar story played out with his chief of staff, Andrey Yermak, long considered the grey cardinal of Ukrainian politics and a Zelensky loyalist. When NABU investigators raided his residence, Zelensky initially stood by his embattled chief of staff and even dispatched him to carry out negotiations in order to protect him. It was only after Zelensky\u2019s hand was all but forced that he removed Yermak.
\nMindich\u2019s role in government turns out to have been much larger than it appeared at first glance. According to the SAPO prosecutor, \u201cthroughout 2025, Mindich\u2019s criminal activities in the energy sector were established through his influence on then Minister of Energy Galushchenko and in the defense sector through his influence on the then Minister of Defense [Rustem] Umerov.\u201d\u00a0Anonymous sources told CENSOR.net that Mindich \u201csupervised\u201d Galushchenko. This apparently extended to direct interference in the ministry\u2019s processes, to the point that Mindich allegedly determined the order and priority of tasks.
\nIn other words, Mindich, while occupying no formal government post or any position in the sector\u2019s constituent companies, used his ties to influence appointments, procurement and informal networks in similar spheres in which Kolomoysky operated. \u201cThe management of a strategic enterprise with an annual revenue of over \u20ac4 billion was carried out not by officials, but by outsiders who had no formal authority,\u201d NABU said in a statement. It would be tempting to say that this state of affairs is almost unheard of if not for its resemblance, at least in its essence, to what transpired under the ever vigilant eye of Kolomoysky.
\nThere are persistent rumors that Kolomoysky leaked information to NABU about the Mindich case. The two clearly had a falling out at some point, as an interview from 2022 in which Kolomoysky speaks dismissively about Mindich, calling him \u201ca partner somewhere, but more of a debtor,\u201d seems to indicate. Kolomoysky, no doubt feeling betrayed by Zelensky, seems to have it out for his former prot\u00e9g\u00e9 as well. The oligarch is now facing attempted premeditated murder charges based on recently uncovered evidence that could carry a life sentence. Nevertheless, he has proven a talkative defendant at his recent court hearings in Kiev, so much so that the authorities appear reluctant to haul him in.<\/p>\n
Let the credits roll
\nModern Ukraine was built on a foundation of antipathy toward Russia and a caricatured view of its neighbor\u2019s shortcomings: Corruption, cronyism, heavy-handedness. Yet Ukraine\u2019s elites cultivated these exact attributes with riotous excess, aided and abetted every step of the way by the very Western allies whose system Kiev ostensibly sought to emulate. Only when corruption took on such grotesque dimensions that it threatened Ukraine as a functioning bludgeon against Russia was it addressed. All manner of malfeasance was tolerated and tacitly encouraged until an inflection point was reached.
\nThe whole rotten edifice is cracking now and it won\u2019t be long until Zelensky is swept away as well. If this were a film, it would end with the one truly patriotic act in Igor Kolomoysky\u2019s long and disreputable life at the nexus of Ukrainian politics and business being to detonate the very system that he was so central to building.<\/p>\n","protected":false},"excerpt":{"rendered":"
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