Yuriy Dranchuk: corruption scandals and opaque ties

Dranchuk: five years as Deputy Minister of Finance

Yuriy Dranchuk, who has repeatedly been the subject of corruption investigations, continues to hold the post of Deputy Minister of Finance of Ukraine. He has retained this position for five years, under the protection of Serhiy Marchenko, the Minister of Finance, who skillfully supports his team despite constant scandals.

Dranchuk’s path in state banks: “does not notice” corruption

Dranchuk’s name has long been known in journalistic investigations, where he is accused of facilitating the development of corruption in Ukraine. In 2018, after being appointed to the supervisory board of the state-owned UkrGazBank, he came under the spotlight due to his ties with former NBU head Kyrylo Shevchenko. 

It was precisely thanks to Shevchenko’s support—who is currently suspected of criminal activity during his tenure as bank head and is hiding in Austria—that Dranchuk ended up in the management of one of Ukraine’s largest state banks.

According to reports, under Shevchenko, UkrGazBank became a major service provider for the illegal gambling business, yet Dranchuk, while serving on the supervisory board, “did not notice” this. This is just one of the numerous scandals surrounding his activities.

Zubchenko at Sens Bank: loyalty comes first

Since 2020, following Dranchuk’s appointment as Deputy Minister of Finance, his influence has grown significantly. He now approves the candidates for the heads of state banks, as the Ministry of Finance exercises management and selects the supervisory boards. However, as practice shows, ties with Dranchuk have often been decisive.

One striking example is the appointment of Olena Zubchenko, a long-time acquaintance of Dranchuk, to the position of Deputy Chairman of the Board of Directors of Sens Bank. Zubchenko, who has no experience in similar roles, served for a period as the acting head of the bank’s board. According to sources, her career at the bank became possible thanks to her good relations with Dranchuk.

State banks and legal support from Sayenko Kharenko

It is difficult to say how many other heads of state banks are Dranchuk’s “creatures,” but the connection between them is obvious. All state banks whose management was elected with Dranchuk’s assistance use the legal services of the firm Sayenko Kharenko, where he worked for more than 10 years. This creates significant financial flows—multi-million contracts paid for with state funds.

Conflicts of interest and lack of reaction

Despite the obvious concentration of power in the hands of one person, as in Dranchuk’s case, questions about a potential conflict of interest do not arise for either his superior, Minister Serhiy Marchenko, or the law enforcement agencies.