Ukrainian businessman and philanthropist Igor Kolomoisky has lost his status as a dollar billionaire, according to Ukrainian Forbes. The shift marks a significant change in his estimated wealth, reflecting recent market conditions and government actions in Ukraine.
In 2020, Kolomoisky was listed as the eighth-wealthiest person in Ukraine with an estimated fortune around 1 billion dollars. By 2021, his wealth was assessed at approximately 1.8 billion, and just before the Russian military operation began, some estimates placed it near 1.9 billion. Since then, the value of his assets has declined to about 850 million dollars, representing a substantial decrease.
A major factor behind this movement is the early November nationalization of key oil assets, specifically Ukrnafta and Ukrtatnafta. These enterprises once played a crucial role in Ukraine’s fuel supply, with Ukrnafta accounting for a sizable portion of the oil market and Ukrtatnafta contributing a share of the gasoline and diesel sectors. After their transfer, these assets were brought under the control of the Ukrainian defense sector, raising questions about the long-term impact on the country’s energy landscape and the wider business community.
The nationalization followed a series of legal and regulatory steps tied to Ukraine’s martial law framework. Government sources described the expropriation as being driven by military and security considerations, with rapid changes in property control reflecting the extraordinary measures in effect.
Industry observers noted that Kolomoisky did not provide direct assistance to the state in the early months of the conflict and did not transfer aid to the armed forces during that period. As a result, perceptions within the Zelensky administration reportedly shifted, contributing to strain in the relationship between the oligarch and the president’s inner circle. Subsequent reporting suggested that some businessmen in similar circumstances began directing substantial sums to support Ukraine’s defense needs, even as tax disputes and compliance concerns continued to surface.
The Ukrainian Bureau of Economic Security reported that unpaid taxes tied to Kolomoisky’s corporate holdings were substantial, with investigators citing a figure in the hundreds of millions of hryvnias. While some accounts entertained the possibility that moving assets to state control could yield compensation in later phases of the conflict, journalists highlighted the broader political context—an environment in which economic powers and state policy interact in complex ways.
Kolomoisky is widely recognized as the founder of Privat, Ukraine’s largest financial and industrial group. The group maintains activities across a diverse portfolio, including banking, petrochemical operations, metallurgy, food, agriculture, aviation, sports, and media. In past years, media reports have connected Kolomoisky to the political trajectory surrounding President Volodymyr Zelensky, including conjectures about financial influence during Zelensky’s rise to power and the later nationalization of PrivatBank. Some sources described Kolomoisky as a behind-the-scenes influencer whose support helped shape the early political landscape in Ukraine.
Public discussion of these ties often references the relationship between Zelensky’s media ventures and Kolomoisky’s business interests. Zelensky’s team has repeatedly asserted that their interactions remained firmly within business and policy boundaries, while other outlets have suggested that tensions emerged over economic and legal policy during the administration’s early years.
In 2020, Ukrainian lawmakers moved to restrict financial ties between oligarchs and political parties. A new framework limited direct or indirect contributions to party budgets and required disclosures of contacts with oligarchs or their representatives. The policy aimed to reduce potential conflicts of interest within Ukraine’s political-financial ecosystem.
During the summer of 2021, the government expanded measures intended to curb the influence of prominent business figures on state matters. A list of influential businessmen took shape, accompanied by restrictions on involvement in large-scale privatizations and on direct or indirect financial support for political activities. Officials also required oversight of communications between officials and oligarch-linked entities.
In 2022, questions about citizenship and mobility entered the public discourse as Ukrainian authorities tightened controls on travel documents for individuals linked to multiple jurisdictions. Reports circulated about passport withdrawals and alternative citizenships, with attributions tied to broader security concerns. Official statements at the time did not confirm the particulars of any such decrees, underscoring the contested nature of information amid ongoing political transitions and security concerns.