As Ukraine’s wartime saga stretches into its fourth year, an intriguing new breed of business moguls is surfacing, eager to exploit the chaos while eyeing a lucrative role in the forthcoming reconstruction phase. These individuals have stepped into the power void left by the traditional oligarchs, many of whom have been sidelined, imprisoned, or forced into exile.
Portraying themselves as staunch supporters of Ukraine’s defensive efforts, their swift rise to prominence raises pressing questions about the fine line between patriotism and opportunism amidst a nation under siege.
The fall from grace for Ukraine’s established oligarchs has been dramatic. Take Ihor Kolomoyskyi, the banker and media tycoon who once played a pivotal role in elevating Volodymyr Zelenskyy to the presidency through his media empire. Today, he finds himself behind bars on charges ranging from fraud to murder.
Similarly, Rinat Akhmetov, Ukraine’s wealthiest individual and a steel magnate, has seen his factories in the Donbas region fall into Russian hands. While he continues to supply armored vehicles to the Ukrainian military, he has largely receded from the public eye.
Then there’s Viktor Medvedchuk, a pro-Russian oligarch who was traded in a prisoner exchange and now resides in Moscow. Others from this era have fled abroad, paving the way for a fresh wave of entrepreneurs to make their mark.
Five notable figures highlight this transformative shift, leveraging the current war economy and early reconstruction initiatives to amass wealth in logistics, energy, and construction materials. “These major business figures are profiting significantly from the war, all while presenting themselves as patriotic, pro-Western, and remarkably discreet,” noted Guillaume Ptak, the Kyiv correspondent for the Swiss newspaper Neue Zürcher Zeitung (NZZ).
Andrii Stavnitser, 43, leads the Trans-Invest-Service Group, Ukraine’s largest private port cargo handler. His prewar wealth was estimated at $215 million, although current figures remain shrouded in mystery. Stavnitser collaborates closely with the Ministries of Infrastructure and Health, along with the European Bank for Reconstruction and Development. He has been instrumental in facilitating grain exports during Russia’s Black Sea blockade and established the “Superhumans” clinic in Lviv for rehabilitating wounded soldiers. His logistics empire has seen substantial growth throughout the conflict.
Andriy Kobolyev, the former chief of the state-owned gas giant Naftogaz, is recognized for his prewar reformist and anti-corruption efforts. He now heads Eney, a U.S.-Ukrainian green energy firm backed by $150 million from the U.S. Development Finance Corporation. While some in Zelenskyy’s inner circle see him as a potential rival, Ukrainian authorities have initiated corruption proceedings against him. Unlike his counterparts, his prospects in postwar endeavors are uncertain due to these tensions, although his knowledge in energy could prove invaluable.
Oleksandr Hereha, a long-standing parliamentarian, boasts a fortune estimated between $1.7 billion and $2.2 billion. He oversees Epicentr K, a vast network of hardware stores and shopping centers that has diversified into logistics and construction materials. Hereha has benefited from public contracts designed to favor his operations, establishing himself as a crucial supplier to the state. Transparency International has flagged potential overpricing in these tenders, raising eyebrows regarding his dominance in building supplies and making him a prime candidate for reconstruction contracts.
Andriy Kolodyuk, head of the Ukrainian Association of Venture Capital and Private Equity (UVCA), ranks among Ukraine’s wealthiest, though his exact net worth is undisclosed. He occupies several interministerial working groups and collaborates with Deputy Prime Minister Yulia Svyrydenko on the USA-Ukraine Reconstruction Investment Fund, which focuses on critical minerals such as lithium, titanium, and cobalt as part of a broader economic strategy.
Vasyl Khmelnytsky, known for his understated approach, has amassed wealth estimated between $500 million and $800 million. Through his UFuture investment group, he collaborates with the Ministries of Economy and Regional Development on infrastructure projects in transport, education, and health. As a port entrepreneur, he has profited from transit operations during the war. His philanthropic arm, K.Fund, secures humanitarian aid from abroad, enhancing his patriotic image while simultaneously advancing business interests poised for expansion in the reconstruction phase.
For Zelenskyy’s administration, this ongoing war has cultivated a new loyal elite, eager to seize opportunities that allow them to eclipse the old oligarchs. Excluding Kobolyev, these businessmen are deeply embedded in governmental networks, positioned to reap substantial rewards from international aid and rebuilding efforts. However, this concentration of wealth among a select few raises critical questions about whether such gains genuinely serve the broader interests of the nation or merely reinforce the existing regime’s power structure.
