Ukrainian
Ukrainian may refer to:
* Something of, from, or related to Ukraine
* Something relating to Ukrainians, an East Slavic people from Eastern Europe
* Something relating to demographics of Ukraine in terms of demography and population of Ukraine
* So ...
: українські олігархи,
romanized
Romanization or romanisation, in linguistics, is the conversion of text from a different writing system to the Roman (Latin) script, or a system for doing so. Methods of romanization include transliteration, for representing written text, and ...
: ukrayins'ki oliharkhy) are
business oligarch
A business oligarch is generally a business magnate who controls sufficient resources to influence national politics. A business leader can be considered an oligarch if the following conditions are satisfied:
# uses monopolistic tactics to dominat ...
s who emerged on the economic and political scene of
Ukraine
Ukraine ( uk, Україна, Ukraïna, ) is a country in Eastern Europe. It is the second-largest European country after Russia, which it borders to the east and northeast. Ukraine covers approximately . Prior to the ongoing Russian inva ...
market economy
A market economy is an economic system in which the decisions regarding investment, production and distribution to the consumers are guided by the price signals created by the forces of supply and demand, where all suppliers and consumers ...
, with the rapid
privatization
Privatization (also privatisation in British English) can mean several different things, most commonly referring to moving something from the public sector into the private sector. It is also sometimes used as a synonym for deregulation when ...
of state-owned assets. Those developments mirrored those of the neighboring
post-Soviet states
The post-Soviet states, also known as the former Soviet Union (FSU), the former Soviet Republics and in Russia as the near abroad (russian: links=no, ближнее зарубежье, blizhneye zarubezhye), are the 15 sovereign states that wer ...
after the
dissolution of the Soviet Union
The dissolution of the Soviet Union, also negatively connoted as rus, Разва́л Сове́тского Сою́за, r=Razvál Sovétskogo Soyúza, ''Ruining of the Soviet Union''. was the process of internal disintegration within the Sov ...
. The influence of Ukrainian oligarchs on domestic and regional politics, particularly their links to
Russia
Russia (, , ), or the Russian Federation, is a transcontinental country spanning Eastern Europe and Northern Asia. It is the largest country in the world, with its internationally recognised territory covering , and encompassing one-ei ...
, has been the source of criticism from pro-Western sources critical of Ukraine’s lack of political reform or action against corruption.
In 2008, the combined wealth of Ukraine's 50 richest oligarchs was equal to 85% of Ukraine's GDP. In November 2013, this number was 45% (of GDP). By 2015, due to the
Russo-Ukrainian War
The Russo-Ukrainian War; uk, російсько-українська війна, rosiisko-ukrainska viina. has been ongoing between Russia (alongside Russian separatists in Ukraine) and Ukraine since February 2014. Following Ukraine's Rev ...
, the total net worth of the five richest and most influential Ukrainians at that time ( Rinat Akhmetov, Viktor Pinchuk,
Ihor Kolomoyskyi
Ihor Valeriyovych Kolomoyskyi ( uk, Ігор Валерійович Коломойський, translit=Ihor Valereriyovych Kolomoyskyi; he, איגור קולומויסקי; born 13 February 1963) is a Ukrainian-born billionaire, business magnat ...
Yuriy Kosiuk
Yuriy Anatoliyovych Kosiuk ( uk, Юрій Анатолійович Косюк; born 27 May 1968) is a Ukrainian billionaire, and CEO of the country's largest agricultural company MHP.
Early life
Kosiuk was born in Katerynopil, Cherkasy oblast. ...
) had dropped from $21.6 billion in 2014 to $11.85 billion in June 2015. (In 2014, Ukrainian GDP fell by 7%; in 2015, it shrank 12%.)
Usage
Oligarchs are usually defined as businessmen having direct influence on both
politics
Politics (from , ) is the set of activities that are associated with making decisions in groups, or other forms of power relations among individuals, such as the distribution of resources or status. The branch of social science that studies ...
and the economy. During the 1990s, the oligarchs emerged as politically-connected entrepreneurs who started from nearly nothing and got rich through participation in the market via connections to the corrupt — but democratically elected — government of Ukraine during the state's transition to a market-based economy. Later, numerous Ukrainian business-people have "taken over control" of political parties (examples of this are Party of Greens of Ukraine,
Labour Ukraine
Labour Ukraine ( uk, Трудова Україна ''Trudova Ukrajina'') Database DATA is a
Verkhovna Rada
The Verkhovna Rada of Ukraine ( uk, Верхо́вна Ра́да Украї́ни, translit=, Verkhovna Rada Ukrainy, translation=Supreme Council of Ukraine, Ukrainian abbreviation ''ВРУ''), often simply Verkhovna Rada or just Rada, is the ...
(Ukrainian parliament).
The rise of the oligarchs has been connected to the processes of
privatization
Privatization (also privatisation in British English) can mean several different things, most commonly referring to moving something from the public sector into the private sector. It is also sometimes used as a synonym for deregulation when ...
of state-owned assets. These processes usually involved the distribution of property titles of such enterprises, land, and real estate, on equal base to the whole population of the country, through instruments such as privatization vouchers, certificates, and coupons. Given the different preferences of people in relation to risk-aversity, property titles were easily re-sold. Businessmen who could provide initial investment capital were able to collect those property titles and thus take control over former public holdings.
National security
National security, or national defence, is the security and defence of a sovereign state, including its citizens, economy, and institutions, which is regarded as a duty of government. Originally conceived as protection against military att ...
concerns of various Western nations from the oligarchic kleptocracy have been alleged since the early 2000s. The issue gained greater salience after the
2022 Russian invasion of Ukraine
On 24 February 2022, in a major escalation of the Russo-Ukrainian War, which began in 2014. The invasion has resulted in tens of thousands of deaths on both sides. It has caused Europe's largest refugee crisis since World War II. A ...
where widespread sanctions were enforced against both Russian and Ukrainian oligarchs in March through May 2022, and the national security implications of oligarch funds when a great deal of money—sourced from Ukraine or Russia but spent in the West—finds its way into influencing matters of national security.
The oligarchs' influence on the
Ukrainian government
The Cabinet of Ministers of Ukraine ( uk, Кабінет Міністрів України, translit=Kabinet Ministriv Ukrainy; shortened to CabMin), commonly referred to as the Government of Ukraine ( uk, Уряд України, ''Uriad Ukrai ...
is extreme. In 2011 some analysts and Ukrainian politicians believed that some Ukrainian businesses tycoons, with "lucrative relations" with
Russia
Russia (, , ), or the Russian Federation, is a transcontinental country spanning Eastern Europe and Northern Asia. It is the largest country in the world, with its internationally recognised territory covering , and encompassing one-ei ...
In total, the top 100 wealthiest business people in Ukraine control around $44,5 billion, according to ''
Forbes
''Forbes'' () is an American business magazine owned by Integrated Whale Media Investments and the Forbes family. Published eight times a year, it features articles on finance, industry, investing, and marketing topics. ''Forbes'' also r ...
'', which accounts for 27% of Ukrainian GDP in September, 2021.
The top 10 Ukrainian oligarchs in 2021 were identified as:
Chernenko study
An economic study by Demid Chernenko identified 35 oligarchic groups based on data points between 2002–2016:
See also
*
List of Ukrainians by net worth
This is a list of Ukrainian billionaires based on an annual assessment of wealth and assets compiled and published by '' Forbes'' magazine in 2022.
2022 Ukrainian billionaires list
See also
* Ukrainian oligarchs (including a 2019 list of riche ...
*
Political parties in Ukraine
This article presents the historical development and role of political parties in Ukrainian politics, and outlines more extensively the significant modern political parties since Ukraine gained independence in 1991.
Overview
Ukraine has a m ...
Business magnate
A business magnate, also known as a tycoon, is a person who has achieved immense wealth through the ownership of multiple lines of enterprise. The term characteristically refers to a powerful entrepreneur or investor who controls, through per ...
Oligarchy
Oligarchy (; ) is a conceptual form of power structure in which power rests with a small number of people. These people may or may not be distinguished by one or several characteristics, such as nobility, fame, wealth, education, or corporate ...
*
Robber baron (industrialist)
Robber baron is a derogatory term of social criticism originally applied to certain wealthy and powerful 19th-century American businessmen. The term appeared as early as the August 1870 issue of ''The Atlantic Monthly'' magazine. By the late 19t ...
*
Corruption in Ukraine
Corruption is a historical issue in Ukrainian society often tied to a troubled relationship with Russia. Since regaining independence from Russia; Ukraine has faced a series of politicians, criminal bosses, and oligarchs who used corruption of ...
Kyiv Post
The ''Kyiv Post'' is the oldest English-language newspaper in Ukraine, founded in October 1995 by Jed Sunden.
History
American Jed Sunden founded the ''Kyiv Post'' weekly newspaper on Oct. 18, 1995 and later created KP Media for his holdings. ...