Will Zelenskyy target all Ukrainian oligarchs equally?
Ukrainian President Volodymyr Zelenskyy recently unveiled plans to curb the political influence of the country's powerful oligarchs, but skeptics question whether he will target oligarch ally Ihor Kolomoisky. (REUTERS/Gleb Garanich)  Seasoned Ukraine watchers raised a sceptical eyebrow two years ago when Volodymyr Zelenskyy swept to a landslide victory in the countrys presidential election. Despite pitching himself as the ultimate outsider intent on breaking the power of the countrys corrupt oligarchic elite, Zelenskyys campaign depended heavily on the backing of Ihor Kolomoisky, arguably Ukraines most controversial oligarch of all. During the campaign, Zelenskyy appointed Kolomoiskys personal lawyer as a key adviser, travelled abroad to confer with the then-exiled Kolomoisky on multiple occasions, and benefited from the enthusiastic endorsement of Kolomoiskys media empire. Unsurprisingly, many viewed Zelenskyy as Kolomoiskys candidate. Not much has happened in the two years since to force a change in that assessment, even as Zelenskyy revives his commitment to deoligarchisation in a bid to boost his flagging popularity. Kolomoisky was put on the US sanctions list earlier this year over allegations of corruption but remains apparently untouchable at home. He has not yet regained control of Privatbank, nationalised in 2016 after alleged fraud left USD 5.5 billion missing from its balance sheet. But nor has Zelenskyy succeeded in recovering those assets, as demanded by the IMF. Meanwhile, government officials deemed a threat to Kolomoiskys interests have been removed from their posts, including the Prosecutor General, Ruslan Ryaboshapka, who was pursuing an investigation of the oligarch, and the Governor of the National Bank of Ukraine (NBU), Yakiv Smolii. Zelenskyys first prime minister, Oleksiy Honcharuk, became another casualty after he tried to loosen Kolomoiskys control of a state-owned electricity company. Hints of the presidents continued personal connections to the oligarch were highlighted again in February 2021 when Zelenskyy breached Covid lockdown restrictions to celebrate his birthday at a private party hosted at the home of Kolomoisky associate Timur Mindich. Subscribe for the latest from UkraineAlert UkraineAlert is a comprehensive online publication that provides regular news and analysis on developments in Ukraines politics, economy, civil society, and culture. Email *          Name This field is for validation purposes and should be left unchanged. Zelenskys actions as president suggest that his approach to countering the influence of Ukraines oligarchs may be selective at best. The draft law that forms the centrepiece of his recently unveiled deoligarchization policy sets out a definition of oligarch covering wealth, influence, and asset ownership that some suspect has been framed specifically to exclude Kolomoisky from its terms. Instead, the main focus seems to be on Zelenskyys political enemies. Putin ally Viktor Medvedchuk, who is currently under house arrest on suspicion of treason, is an easy target because his role as a proxy for Russian interests makes him domestically unpopular. Another key target of Zelenskyys anti-oligarch rhetoric appears to be his predecessor and main political rival, former Ukrainian president Petro Poroshenko, who has also become the subject of a criminal investigation. Meanwhile, Kolomoisky is accused of helping Zelenskyy settle scores and undermine potential challengers. One of these is Vitaly Klitschko, the former world heavyweight boxing champion and current Mayor of Kyiv who is often cited as a potential future rival presidential candidate after comfortably securing re-election in the Ukrainian capital last year. Klitschko has become a persistent thorn in Zelenskys side, frequently criticising the Presidents handling of the Covid crisis, including his faltering vaccine programme. Klitschko even tried to organize an independent vaccine purchase from the city budget. Kolomoiskys media outlets have stepped up their attacks on Klitschko, while friends and allies of the mayor have become the targets of police investigations. Klitschko himself complained about harassment after armed officers from the Security Service of Ukraine (SBU) raided his apartment building in May. Kolomoisky may also have played a role in helping Zelenskyy undermine Klitschkos role as head of the Association of Ukrainian Cities. Dnipro Mayor Boris Filatov and his ally Gennady Korban, both old Kolomoisky associates who are now reconciled with the oligarch after earlier falling out with him, were recently instrumental in helping the Presidential Administration set up a rival organization of local municipalities from which Klitschko is excluded. Commentators see the initiative as an effort to neutralize Klitschkos influence at the national level and possibly position Filatov as a future technical candidate to draw support away from the Kyiv Mayor ahead of Ukraines next presidential election. The risk that arises from Kolomoiskys apparent continued influence over Zelenskyy is not only to the quality of Ukrainian democracy. It also poses questions about the durability of economic reform in the country and the fight against corruption. Kolomoiskys desire to take back control of Privatbank, which is now being prepared for privatisation, is undiminished. Changes made by Zelenskyy to the leadership of the NBU last year risk weakening its independence over matters of banking supervision to the point where Kolomoiskys ambition becomes achievable. If so, Ukraine will have taken a major step backwards. Zelenskyys relationship with Kolomoisky should be seen as the most important test of his sincerity in achieving the deoligarchization of Ukraine. It is only by breaking decisively with his patron that Zelenskyy can make good his promise to the people of Ukraine to destroy the traditional oligarchic order and replace it with a fairer system that will allow Ukraine to flourish. Anything less would represent little more than a cynical reordering of oligarchic power that would leave the country unable to break with its past. So far, the only time Zelenskyy has really acted against Kolomoiskys interests was when Ukraines Western creditors insisted on the passage of the so-called anti-Kolomoisky law meant to stop former owners of nationalised banks regaining their assets. Similar resolve will probably be needed again. When Western leaders visit Ukraine next month to celebrate the thirtieth anniversary of the countrys independence, they should set out a firm benchmark against which Zelenskyys reform record will be judged. In other words, deoligarchization without taking on Kolomoisky is no deoligarchization at all. David Clark was Special Adviser on Europe at the UK Foreign Office (1997-2001) and now works as an independent analyst specializing in foreign policy and European affairs. Further reading  The views expressed in UkraineAlert are solely those of the authors and do not necessarily reflect the views of the Atlantic Council, its staff, or its supporters. 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