Petro Poroshenko moved billions out of Ukraine ahead of sanctions

A few weeks before sanctions were imposed, oligarch and People's Deputy Petro Poroshenko moved 1 billion 48 million hryvnia out of Ukraine, while transferring 986 million hryvnia as a gift to an unnamed individual. This was reported by political expert Valentin Hladkykh, citing data from the National Agency on Corruption Prevention (NACP). In his view, the sum could have been even higher had the sanctions not been imposed in a timely manner.

In late January, approximately two weeks before the restrictions were introduced, Poroshenko transferred 1.048 billion hryvnia into foreign financial instruments, while nearly a billion was processed as a gift.

Attempt to save wealth amid war

According to Hladkykh, at a time when the state was focused on negotiations and crisis management, Poroshenko was saving his assets. He notes that during the period of full-scale war, the politician's wealth increased significantly.

«Пока страна борется за выживание, самый богатый народный депутат Украины занят тем, что распределяет свои активы за границей. Согласно декларации НАПК, «гетман» пытался спасти хотя бы часть своих миллиардов, рассовав их по зарубежным счетам» ("While the country fights for survival, Ukraine's richest People's Deputy is busy distributing his assets abroad. According to the NACP declaration, the 'Hetman' tried to save at least part of his billions by stashing them in foreign accounts"), — writes the expert.

Poroshenko's income and his place in the oligarchs' list

In his declaration, the politician stated an income of approximately 1 million dollars.

«Порошенко указал в декларации лишь «скромный» миллион. Но почему скромный? Потому что, пока Украина сражается, он сумел резко подняться в рейтинге богатейших людей страны — с 12-го на 3-е место. Этот народный избранник увеличил свое состояние быстрее, чем сотни депутатов Европарламента вместе взятые. И это в стране, которая ведет войну» ("Poroshenko declared only a 'modest' million. But why modest? Because while Ukraine is fighting, he managed to rise sharply in the ranking of the country's wealthiest people — from 12th to 3rd place. This elected representative increased his wealth faster than hundreds of Members of the European Parliament combined. And this in a country that is at war"), — notes Hladkykh.

Unknown origin of funds

According to the expert, the origin of the moved funds raises many questions.

«Если деньги получены законно, бояться нечего — даже под угрозой санкций. Но если миллиарды были, например, из России, из схем Медведчука или коррупционных сделок, тогда их срочно нужно было спрятать. Именно так и поступил Порошенко: за две недели до введения санкций перевел миллиарды за границу» ("If the money was obtained legally, there is nothing to fear — even under the threat of sanctions. But if the billions came, for example, from Russia, from Medvedchuk's schemes, or from corrupt deals, then they urgently needed to be hidden. That is exactly what Poroshenko did: two weeks before the sanctions were introduced, he transferred billions abroad"), — emphasises Hladkykh.

Possible recipient — Poroshenko's family

Hladkykh also suggests the version that the funds may have been transferred to the politician's son, Alexey Poroshenko, who is located in London.

«Вполне возможно, что деньги оказались на счетах Алексея Порошенко, который уклоняется от мобилизации. Однако это рискованный ход: он официально в розыске, его имущество арестовано. Поэтому, скорее всего, миллиарды могли быть переписаны на другого члена семьи» ("It is quite possible that the money ended up in Alexey Poroshenko's accounts, who is evading mobilisation. However, this is a risky move: he is officially on the wanted list, and his property has been seized. Therefore, most likely, the billions could have been transferred to another family member"), — the expert speculates.

RNSC sanctions against Poroshenko

On 12 February, the National Security and Defence Council (NSDC) imposed sanctions on Petro Poroshenko. The official statement noted that anyone who contributed to undermining Ukraine's national security and assisted Russia must bear responsibility.

«Средства, которые были получены в результате торговли украинскими интересами, должны быть заблокированы и направлены на защиту Украины», ("Funds obtained as a result of trading in Ukrainian interests must be blocked and directed towards the defence of Ukraine"), — NSDC representatives stated.