On November 24, 2025, the deadline for voluntary repayment of more than $3 billion, as ordered by the High Court in London, expired for former PrivatBank owners Ihor Kolomoisky and Gennadiy Bogolyubov. With no payment made, Ukraine now starts a new phase: initiating forced recovery proceedings in courts across multiple countries where oligarchs’ assets may be hidden.
This legal saga has lasted nearly eight years. PrivatBank, the nation’s largest bank, was nationalized in late 2016 after an audit revealed a capital shortfall of 146 billion UAH. Nationalization safeguarded millions of depositors and stabilized the banking system, with the state allocating over 155 billion UAH from taxpayers.
International investigators uncovered complex schemes used to move billions through PrivatBank’s Cyprus branch and fictitious loans to shell companies. It’s estimated that up to $5.5 billion could have been illegally siphoned abroad.
In December 2017, PrivatBank filed a lawsuit in the UK, securing a global asset freeze on the ex-owners. In summer 2025, the court found Kolomoisky and Bogolyubov guilty of large-scale fraud, ordering more than $3 billion to be returned by November 24, 2025. The payment did not occur.
The next stage involves enforcing the court’s ruling across jurisdictions, locating and seizing assets via local courts, including in Ukraine. This process is expected to be lengthy and complex, as confirmed by PrivatBank. Whether Ukraine will recover at least part of the stolen assets should become clear in the years ahead.
