Sanctioned Oligarch Hryhoryshyn Wanted by Ukraine’s Interior Ministry After Disappearing with $1.7 Million in Energy Funds

Sanctioned Businessman Kostiantyn Hryhoryshyn Placed on Wanted List

According to Главком: Ukraine’s Ministry of Internal Affairs has added sanctioned businessman Kostiantyn Hryhoryshyn to its wanted database. He is accused of embezzling 68 million hryvnias (approximately $1.7 million) that were allocated to strengthen the power grid of the Sumy region. His photograph now appears in the section labeled 'Person Evading Pre-Trial Investigation,' with the date of his disappearance listed as February 25, 2026.

A court has issued an order for Hryhoryshyn’s arrest and forced appearance to consider a preventive measure. He is currently a suspect under Part 5 of Article 191 of Ukraine’s Criminal Code, which pertains to the misappropriation of property on an especially large scale. If convicted, he faces a prison sentence of seven to twelve years, along with confiscation of assets.

Scheme to Divert Funds and Its Consequences

In early March, prosecutors from the Office of the Prosecutor General announced suspicions against the beneficial owner of a power distribution company operating in northern Ukraine, as well as three of its executives, for embezzling 68 million hryvnias. The funds, intended to reinforce the energy infrastructure of the Sumy region, were instead funneled to a 'fictitious consultant.' The company’s owners allegedly orchestrated this scheme to avoid paying dividends to the state and to siphon corporate money.

Kostiantyn Hryhoryshyn was placed under sanctions by Ukraine’s National Security and Defense Council in 2025. He registered himself as an advisor to the company’s chairman under the following terms:

• A monthly salary of 1 million hryvnias;
• A remote work arrangement;
• An actual workload of approximately four hours per week.

According to prosecutors from the Office of the Prosecutor General, 'His salary exceeded the maximum level set by the National Energy and Utilities Regulatory Commission by five to seven times. Between 2020 and 2024, the company suffered nearly 68 million hryvnias in losses, as confirmed by expert examinations.'

In Ukraine, Hryhoryshyn controls the production of transformer equipment and power engineering through his corporate group 'Enerhetychnyi Standart,' as well as electricity distribution. He is the ultimate beneficiary of LLC 'Enera Vinnytsia' and LLC 'Enera,' which specialize in electricity trading. Hryhoryshyn also controls a transportation holding company that includes PJSC 'Shipping Company Ukrrichflot.'

This case highlights the critical need to combat corruption in the public sector, particularly in strategic industries like energy. The involvement of law enforcement in investigating Hryhoryshyn could serve as a warning to other market participants about the necessity of legal compliance and transparency in financial operations. Amid the energy crisis triggered by armed conflict, the efficient use of state resources has become even more pressing.

The recent developments surrounding Kostiantyn Hryhoryshyn's case highlight a troubling trend of financial misconduct within Ukraine's energy sector. This incident echoes a larger pattern of embezzlement schemes, such as the dismantling of a significant fraud operation targeting the national grid operator, which resulted in the diversion of millions in state funds. For a deeper understanding of how these fraudulent activities are impacting Ukraine's energy infrastructure, read more about the recent embezzlement ring uncovered by the SBU.