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UKRAINE’S FORMER GOVERNOR BARRED FROM US OVER FRAUDULENT BANKING ACTIVITIES
The Biden administration has imposed sanctions on Ihor Kolomoisky, a Ukrainian billionaire accused of looting Ukraine’s largest bank and funneling millions into investments in the United States. The ban comes as the US government continues to investigate Kolomoisky’s alleged involvement in one of the biggest bank heists in history.
Background
Kolomoisky, 58, was governor of his home province from 2014 to 2015 during the height of the Crimean conflict. He is accused of abusing his power for personal gain and undermining the rule of law.
US Secretary of State’s Concerns
The US Secretary of State, Antony Blinken, expressed concern over Kolomoisky’s “current and ongoing efforts” to undermine Ukrainian democracy.
Sanctions
The sanctions also target Kolomoisky’s wife, Iryna, daughter, Angelika, and son, Israel Zvi, who are all banned from entering the United States.
Investigation Findings
An investigation by the International Consortium of Investigative Journalists and BuzzFeed News found that Deutsche Bank played a key role, transferring over $750 million to Kolomoisky’s business interests. The money was used to purchase properties across the United States, including:
- Steel factories
- Office towers
- Iconic skyscrapers
Consequences
However, the real estate buying spree left behind a trail of empty buildings, unpaid taxes, dangerous factory conditions, and jobless workers. At least four steel mills filed for bankruptcy, leaving communities devastated.
US Prosecutors’ Efforts
The US prosecutors are seeking to seize some of the properties purchased during the real estate buying spree.
International Cooperation
Blinken said that the US Justice Department will continue to use authorities to promote accountability for corrupt actors globally.
Senator’s Warning
US Senator Sherrod Brown credited the investigation for shedding light on the human impact of dirty money and warned that money laundering is “absolutely not” a victimless crime.
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