UK Supreme Court's Final Ruling
The UK Supreme Court has rejected the appeal filed by Ihor Kolomoisky and Hennadiy Bogolyubov against a previous English court ruling that ordered them to pay PrivatBank over $3 billion in damages. This decision follows the High Court of London’s July 2025 judgment, which held the former bank owners responsible for reimbursing losses, interest, and legal fees. On May 22, 2026, the Court of Appeal in England upheld the dismissal of their appeals, bringing the legal challenge to a close.
The Nationalization of PrivatBank
PrivatBank was nationalized on December 18, 2016, after becoming insolvent. The Ukrainian government took full ownership, injecting 116.8 billion hryvnias in capital, with an additional 38.5 billion hryvnias added in June 2017. In December 2017, the High Court of London issued a worldwide freezing order on the assets of Kolomoisky, Bogolyubov, and six associated companies amid allegations of extensive fraud.
Kolomoisky and Bogolyubov are accused of siphoning approximately $2 billion from PrivatBank through a complex refinancing scheme. PrivatBank’s claim, including accrued interest, totaled $2.5 billion. In October 2019, the Court of Appeal in England confirmed the jurisdiction of the London courts over PrivatBank’s cases.
PrivatBank representatives stated, "The July 2025 UK court ruling that mandates former owners to pay over $3 billion in damages, interest, and legal costs to PrivatBank is now enforceable in any jurisdiction."
This verdict marks a significant development, with the bank’s legal team concluding the appeals process.
Since 2023, Ihor Kolomoisky has been detained on multiple criminal charges. This case continues to spotlight key issues surrounding banking governance and the legal framework of financial institutions in Ukraine.
The Supreme Court’s decision underscores the growing role of international judiciary in handling financial crime and insolvency cases. The refusal to grant an appeal could have profound financial consequences for Kolomoisky and Bogolyubov, potentially impacting their assets and future business activities. Moreover, this ruling may set a precedent influencing similar disputes within Ukraine and on the global stage.