Ukrainian oligarchs in wartime
Ukrainian oligarchs in wartime

Author(s): Sławomir Matuszak
Subject(s): Media studies, National Economy, Economic policy, Government/Political systems, Military policy, Politics and communication, Geopolitics, Peace and Conflict Studies, Russian Aggression against Ukraine
Published by: OSW Ośrodek Studiów Wschodnich im. Marka Karpia
Keywords: Russian aggression against the Ukraine; Financial losses; control of the media;
Summary/Abstract: Russia’s military invasion has contributed to a major decline in the role of oligarchs in Ukraine. This is largely due to the fact that domestic political rivalry both in the media and in parliament has ceased, which in turn has reduced the role played by those spheres of life in which their influence was most perceptible. Ukraine’s main political forces have backed President Volodymyr Zelensky in defending the country, as a result of which laws are presently passed almost unanimously. In addition, the most important oligarch-owned TV stations, which before the war formed their main tool of influence, have decided to air a joint news programme. Alongside this, the owners’ control of broadcasting content has been further weakened through specific legal regulations. Some oligarchs have lost portions of their assets as a result of military activity and occupation, and some have suffered significant financial losses due to the economic crisis and export restrictions in a situation when they still need to service their foreign debt. Most of the oligarchs have offered funds to help the country in its fight against the aggressor, but some of these activities are being kept low-profile. If the war’s outcome is positive for Ukraine, and if Kyiv receives substantial Western support for its recovery and investment effort, the position of the oligarchs will diminish, and the president, who enjoys an enormously high level of trust from society, will in practical terms be free to continue to reduce the oligarchs’ influence on Ukraine’s political life.

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