The Cypriot Cabinet’s decision, made on September 4th, highlights that Kolomoyskyi, Ukraine’s second-richest man, was already flagged as a “suspicious character” before being granted citizenship. Authorities believe his naturalization posed a reputational risk to Cyprus. His passport was ultimately revoked after investigators found that he had failed to disclose a 2008 criminal case in Russia involving tax evasion when he applied for Cypriot citizenship in 2010.
Over the past year, Kolomoyskyi has faced growing legal troubles. Despite being a supporter of Ukrainian President Volodymyr Zelenskyi, the oligarch was arrested in 2023 by the Ukrainian Security Service (SBU) on charges of money laundering and fraud. His criminal activity has been linked to the Ukrnafta oil company and the Ukrtatnafta refinery. He also stands accused of embezzling $145 million from PrivatBank, Ukraine’s largest private bank, and even conspiracy to commit murder.
Kolomoyskyi’s downfall has been swift. In September 2023, he was found guilty of laundering over $36 million and transferring large sums abroad between 2013 and 2020. In 2021, the U.S. blacklisted him and his family, accusing him of corruption during his time as governor of Ukraine’s Dnipropetrovsk region, adding to his legal woes. His properties in the U.S. have since been confiscated due to money laundering.
Beyond Kolomoyskyi, seven other individuals, including Egyptian investor Mohammed Salem and Russian businessman Maxim Zachartsenko, have also been stripped of their Cypriot citizenship. Salem, naturalized in 2018, misrepresented his financial investments, claiming to have invested large sums that were later found to be partially refunded to him. Zahartsenko, meanwhile, was fined over $32 million in the U.S. for involvement in a hacking-related financial fraud case.
This sweeping action by Cyprus underscores the ongoing fallout from its controversial golden passport scheme.
