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Ukraine - - (+3|-1)
Ukrainian Oligarch Timeline(self)
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Pre-2014 Background and Early Connections

1990s: The Rise of PrivatBank

  • Early 1990s: Following the collapse of the Soviet Union, Igor Kolomoisky co-founds PrivatBank in Ukraine. The bank quickly becomes one of the largest commercial banks in the country, playing a central role in Ukraine’s financial system.
  • 1990s: Kolomoisky begins to amass significant wealth and influence, leveraging PrivatBank as a cornerstone of his growing business empire.

2000s: Expansion into Energy, Media, and Metallurgy

  • Early 2000s: Kolomoisky expands his business interests beyond banking, venturing into energy, media, and metallurgy. He acquires stakes in oil and gas companies, media outlets, and industrial enterprises, solidifying his status as one of Ukraine’s wealthiest and most influential oligarchs.
  • 2000s: Kolomoisky’s media holdings include the 1+1 Media Group, which becomes one of Ukraine’s most prominent media conglomerates, giving him significant control over public narratives and political influence.
  • 2000s: His business empire extends internationally, with investments in industries such as chemicals, aviation, and steel production.

2006: Connections to the Clinton Network

  • 2006: Kolomoisky begins donating to Clinton charities after being introduced to Bill Clinton by Doug Schoen, a prominent pollster who has worked for both Bill and Hillary Clinton. This marks the beginning of Kolomoisky’s ties to the Clinton Foundation and its global initiatives.
  • 2006: Kolomoisky’s donations to the Clinton Foundation are part of a broader effort to build relationships with Western political and philanthropic networks, which could bolster his influence both domestically and internationally.

2008: The $29 Million Commitment to the Clinton Global Initiative

  • 2008: Kolomoisky makes a five-year, $29 million commitment to the Clinton Global Initiative (CGI), a branch of the Clinton Foundation that coordinates charitable projects and funding. The pledge is aimed at funding a program to train future Ukrainian leaders and professionals to "modernize Ukraine."
  • 2008: The program, which focuses on leadership training and professional development, produces several alumni who later become members of the Ukrainian Parliament, further extending Kolomoisky’s influence in Ukrainian politics.
  • 2008: Despite the large commitment, only $1.8 million is actually donated by 2015, with Kolomoisky citing the impact of the 2008 financial crisis as a reason for the shortfall.

2012-2016: Offshore Payments to Zelensky and His Circle

  • 2012-2016: Allegations surface that $41 million from Kolomoisky’s entities flowed into offshore firms linked to Volodymyr Zelensky and his inner circle. These payments are reportedly made through a complex network of shell companies, raising questions about the financial ties between Kolomoisky and Zelensky.
  • 2012-2016: During this period, Zelensky, a comedian and actor, gains prominence through his role in the popular TV show "Servant of the People," which is broadcast on Kolomoisky’s 1+1 Media Group. The show, which portrays a schoolteacher who becomes president, mirrors Zelensky’s real-life political ambitions.
  • 2012-2016: Kolomoisky’s financial support for Zelensky and his circle is seen as part of a broader strategy to cultivate political allies who can protect his business interests and advance his agenda in Ukraine.

Key Themes and Connections

  • Business Empire: Kolomoisky’s rise as a dominant oligarch is marked by his control over key sectors of Ukraine’s economy, including banking, energy, media, and metallurgy.
  • Philanthropic Ties: Kolomoisky’s donations to the Clinton Foundation and his involvement in the Clinton Global Initiative highlight his efforts to build connections with Western political and philanthropic networks.
  • Political Influence: Kolomoisky’s financial support for Zelensky and his circle underscores his role as a kingmaker in Ukrainian politics, using his wealth to shape the country’s political landscape.
  • Offshore Networks: The allegations of $41 million in payments to offshore firms linked to Zelensky reveal the complex and often opaque financial networks that underpin Kolomoisky’s influence.

2014 Ukrainian Coup and Aftermath

February 2014: The Violent Coup

  • February 2014: A violent coup, often referred to as the Maidan Revolution or Revolution of Dignity, overthrows Ukraine’s pro-Russian president, Viktor Yanukovych. The coup is marked by bloody clashes between protesters and government forces in Kyiv’s Maidan Square.
  • Key Figures Involved: The coup is allegedly backed by Western powers, with key figures such as Joe Biden, Barack Obama, George Soros, John Brennan, John Kerry, and Victoria Nuland playing significant roles. Nuland, then U.S. Assistant Secretary of State for European and Eurasian Affairs, is famously recorded saying “Fuck the EU” in a leaked phone call, discussing U.S. preferences for Ukraine’s post-coup government.
  • Outcome: The coup leads to the installation of a pro-Western, anti-Russian government in Ukraine, aligning the country more closely with the European Union and NATO. This shift exacerbates tensions with Russia, which views Ukraine as within its sphere of influence.

March 2014: Ukraine’s Gold Reserves Moved to the U.S.

  • March 2014: Nearly $1 billion of Ukraine’s gold reserves are loaded onto a plane and flown to the United States. The move is seen as an effort to secure Ukraine’s financial assets amid the political instability and looming conflict with Russia.
  • Implications: The transfer of gold reserves raises questions about the extent of U.S. involvement in Ukraine’s internal affairs and the financial underpinnings of the new pro-Western government.

April 2014: Kolomoisky and the Azov Battalion

  • April 2014: Igor Kolomoisky, the oligarch and governor of Dnipropetrovsk Oblast, emerges as a key financier of the Azov Battalion, a neo-Nazi paramilitary group, and other volunteer militias fighting Russian-backed separatists in eastern Ukraine.
  • Azov Battalion: The Azov Battalion, known for its far-right ideology and use of Nazi symbols, becomes one of the most prominent and controversial units in the conflict. Kolomoisky’s financial support for the group underscores his role as a key player in Ukraine’s efforts to resist Russian influence.
  • Other Militias: Kolomoisky also funds other militias, such as the Dnipro Battalion and Aidar Battalion, which are deployed to the frontlines in the Donbas region. These groups are accused of human rights abuses and war crimes during the conflict.

2014-2017: PrivatBank Money Laundering Scheme

  • 2014-2017: Kolomoisky and his business partner, Gennadiy Bogolyubov, allegedly orchestrate a massive money laundering scheme involving PrivatBank, Ukraine’s largest commercial bank. The scheme involves the misappropriation of billions of dollars from PrivatBank, which is then funneled through a network of U.S. shell companies.
  • Real Estate Purchases: The laundered funds are used to purchase high-value real estate in the United States, including luxury apartments, office towers, and industrial properties. Notable acquisitions include a 31-story high-rise in Cleveland and a four-star hotel.
  • Steel Mills: Kolomoisky and Bogolyubov also invest in U.S. steel mills, including the Warren Steel plant in Ohio. However, these investments are marred by mismanagement, safety violations, and eventual bankruptcy, leaving workers unpaid and communities devastated.
  • U.S. Investigations: By 2016, the U.S. Department of Justice begins investigating Kolomoisky and Bogolyubov for fraud and money laundering. The investigation reveals that at least $750 million was transferred from PrivatBank to U.S. accounts through shell companies, with the funds used to build a real estate empire across the Midwest.

Key Themes and Connections

  • Western Involvement: The 2014 coup and its aftermath highlight the deep involvement of Western powers, particularly the United States, in Ukraine’s political and economic affairs. Figures like Victoria Nuland and Joe Biden play pivotal roles in shaping Ukraine’s post-coup trajectory.
  • Kolomoisky’s Dual Role: Kolomoisky emerges as both a key financier of Ukraine’s resistance to Russian-backed separatists and a central figure in a massive financial scandal. His support for militias like the Azov Battalion underscores his willingness to use both financial and military means to achieve his goals.
  • Money Laundering and Corruption: The PrivatBank scandal reveals the extent of corruption within Ukraine’s financial system and the global reach of oligarchs like Kolomoisky. The scheme not only destabilizes Ukraine’s economy but also has far-reaching consequences for U.S. communities affected by the mismanagement of Kolomoisky’s investments.
  • Geopolitical Tensions: The events of 2014 set the stage for the ongoing conflict between Ukraine and Russia, with Kolomoisky and other oligarchs playing key roles in shaping the country’s response to Russian aggression.

2016 PrivatBank Nationalization and Legal Troubles

2016: PrivatBank Nationalization

  • December 2016: The Ukrainian government, led by President Petro Poroshenko, announces the nationalization of PrivatBank, Ukraine’s largest commercial bank, which is co-owned by Igor Kolomoisky and Gennadiy Bogolyubov.
  • Reason for Nationalization: The government cites a $5.5 billion hole in PrivatBank’s balance sheet, resulting from alleged fraud and mismanagement by Kolomoisky and Bogolyubov. The bank’s financial troubles threaten to destabilize Ukraine’s entire banking system.
  • Government Intervention: The nationalization involves a massive bailout funded by Ukrainian taxpayers, with the government injecting billions of dollars to stabilize the bank and prevent a financial collapse.
  • Kolomoisky’s Reaction: Kolomoisky vehemently opposes the nationalization, calling it an illegal expropriation of his property. He launches a series of legal challenges to regain control of the bank, but these efforts are ultimately unsuccessful.

2016: Shutdown of Warren Steel in Ohio

  • 2016: Kolomoisky and Bogolyubov’s U.S. investments face significant setbacks, particularly with the Warren Steel plant in Ohio, which they acquired as part of their real estate and industrial portfolio.
  • Shutdown: The Warren Steel plant is abruptly shut down, leaving workers unpaid and environmental hazards unaddressed. The shutdown is attributed to financial mismanagement and a lack of investment in the facility.
  • Impact on Workers: Employees are left without paychecks, health insurance, or severance packages. The plant’s closure devastates the local community, which had relied on the steel mill for jobs and economic stability.
  • Environmental Neglect: The shutdown leaves behind significant environmental hazards, including unaddressed contamination and safety violations. The Ohio Environmental Protection Agency later steps in to oversee cleanup efforts.

2016: U.S. Department of Justice Investigation

  • 2016: The U.S. Department of Justice (DOJ) begins investigating Kolomoisky and Bogolyubov for money laundering and fraud related to their alleged misappropriation of funds from PrivatBank.
  • Scope of Investigation: The DOJ focuses on the transfer of billions of dollars from PrivatBank to a network of U.S. shell companies, which were used to purchase high-value real estate and industrial assets, including the Warren Steel plant.
  • Key Allegations: The investigation alleges that Kolomoisky and Bogolyubov orchestrated a complex scheme to siphon funds from PrivatBank, using fraudulent loans and offshore accounts to launder the money into the United States.
  • Real Estate Portfolio: The DOJ identifies a portfolio of U.S. properties acquired with the laundered funds, including luxury apartments, office towers, and industrial facilities. Notable acquisitions include a 31-story high-rise in Cleveland and a four-star hotel.
  • Legal Actions: The DOJ files civil forfeiture complaints to seize several properties linked to the alleged money laundering scheme. The investigation marks one of the largest-ever probes into financial crimes involving U.S. real estate.

Key Themes and Connections

  • Financial Mismanagement: The nationalization of PrivatBank highlights the extent of financial mismanagement and alleged fraud within Ukraine’s banking system, with Kolomoisky and Bogolyubov at the center of the scandal.
  • Impact on U.S. Communities: The shutdown of Warren Steel and the DOJ’s investigation reveal the far-reaching consequences of Kolomoisky and Bogolyubov’s financial schemes, particularly for U.S. workers and communities affected by their mismanagement.
  • Global Reach of Corruption: The DOJ’s investigation underscores the global reach of financial crimes committed by Ukrainian oligarchs, with laundered funds flowing into the United States and other countries.
  • Legal Battles: Kolomoisky’s legal challenges to the nationalization of PrivatBank and the DOJ’s efforts to seize his U.S. assets highlight the ongoing legal and financial troubles facing the oligarch and his business partner.

2019 Zelensky’s Rise and Kolomoisky’s Influence

2019: Volodymyr Zelensky’s Presidential Campaign

  • Early 2019: Volodymyr Zelensky, a comedian and actor best known for his role in the TV show "Servant of the People", announces his candidacy for Ukraine’s presidency. The show, which portrays a schoolteacher who becomes president, mirrors Zelensky’s real-life political ambitions.
  • Campaign Platform: Zelensky’s campaign focuses on anti-corruption and anti-oligarchic reforms, promising to clean up Ukraine’s political system and reduce the influence of powerful oligarchs like Igor Kolomoisky.
  • Kolomoisky’s Financial Backing: Despite his anti-oligarch rhetoric, Zelensky’s campaign is allegedly funded by Kolomoisky, who owns the 1+1 Media Group, the network that aired "Servant of the People." Kolomoisky’s financial support raises questions about Zelensky’s independence and his ability to tackle corruption.

April 2019: Zelensky Wins the Presidential Election

  • April 21, 2019: Zelensky wins the first round of Ukraine’s presidential election, securing over 30% of the vote and advancing to a runoff against incumbent President Petro Poroshenko.
  • April 21, 2019: In the second round, Zelensky wins a landslide victory with 73% of the vote, becoming Ukraine’s sixth president. His victory is seen as a rejection of the political establishment and a demand for change.
  • Post-Election Promises: Zelensky reiterates his commitment to fighting corruption, reducing oligarchic influence, and ending the conflict in eastern Ukraine. However, his ties to Kolomoisky cast doubt on his ability to deliver on these promises.

2019: Pandora Papers Reveal Offshore Payments

  • 2019: The Pandora Papers, a leak of millions of documents from offshore service providers, reveal that millions of dollars were transferred from Kolomoisky’s entities to offshore shell companies linked to Zelensky and his inner circle.
  • Key Findings: The documents show that Zelensky and his associates, including his longtime friends and business partners, held stakes in offshore companies that received payments from Kolomoisky. These revelations undermine Zelensky’s anti-corruption image and raise concerns about his financial ties to the oligarch.
  • Public Reaction: The Pandora Papers spark widespread criticism and calls for transparency, with many questioning whether Zelensky can effectively combat corruption while maintaining close ties to Kolomoisky.

September 2019: Zelensky Meets with Kolomoisky

  • September 2019: Zelensky meets with Kolomoisky in Geneva, Switzerland, raising concerns about the oligarch’s influence over the new administration. The meeting is seen as a sign that Kolomoisky remains a powerful behind-the-scenes player in Ukrainian politics.
  • Context of the Meeting: The meeting occurs amid ongoing legal battles over the nationalization of PrivatBank, which Kolomoisky is fighting to regain control of. Critics argue that Zelensky’s administration is too lenient on Kolomoisky, despite his alleged role in the bank’s financial mismanagement.
  • Public Backlash: The meeting sparks public backlash, with many accusing Zelensky of being beholden to Kolomoisky and failing to deliver on his anti-oligarch promises.

2019: Collaboration with Neo-Nazi Paramilitary Groups

  • 2019: Zelensky’s administration begins collaborating with neo-Nazi paramilitary groups, including the Azov Battalion, which is incorporated into the Ukrainian National Guard.
  • Azov Battalion: The Azov Battalion, known for its far-right ideology and use of Nazi symbols, becomes a key player in Ukraine’s efforts to resist Russian-backed separatists in the Donbas region. Despite its controversial reputation, the group is praised for its effectiveness on the battlefield.
  • Incorporation into the Military: Zelensky’s decision to formally incorporate the Azov Battalion into the Ukrainian military is seen as a pragmatic move to bolster Ukraine’s defense capabilities. However, it also draws criticism from human rights groups and international observers, who accuse the group of committing war crimes and promoting extremist ideologies.
  • Political Implications: The collaboration with neo-Nazi groups complicates Zelensky’s image as a reformist leader and raises questions about his administration’s commitment to human rights and democratic values.

Key Themes and Connections

  • Kolomoisky’s Influence: Despite his anti-oligarch rhetoric, Zelensky’s rise to power is closely tied to Kolomoisky’s financial backing, raising concerns about the oligarch’s influence over the new administration.
  • Offshore Payments: The Pandora Papers revelations highlight the complex financial networks that underpin Zelensky’s political career, undermining his anti-corruption credentials.
  • Neo-Nazi Collaboration: Zelensky’s decision to collaborate with neo-Nazi paramilitary groups like the Azov Battalion reflects the difficult trade-offs involved in Ukraine’s efforts to resist Russian aggression, but it also tarnishes his administration’s international reputation.
  • Public Skepticism: Throughout 2019, Zelensky faces growing public skepticism about his ability to deliver on his promises of reform, particularly in light of his ties to Kolomoisky and his administration’s controversial decisions.
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