As the crisis in Ukraine spirals out of control, with government troops trying to suppress what Kiev calls "separatist movements" in the east of the country, behind the scenes, the battle of the Ukrainian oligarchs for power and control of assets continues. It's a covert war that most people don't really hear about in the news, even though the names of key players are well-known in Ukraine and beyond.
Take the former Prime Minister of Ukraine, Yulia Tymoshenko, who has been very active since her release from prison in February, after ex-President Viktor Yanukovich had been forced to go on the run, and ended up in Russia. The word on the street is she's trying to avenge some of her enemies who, she thinks, were instrumental in putting her behind bars on charges of fraud.
Although she has failed to win the presidency, probably as a result of discreet pressure from the West, where she is seen as damaged goods, she is now allegedly making life difficult for several oligarchs who were close to Yanukovich.
Another oligarch, Rinat Akhmetov, who has vast interests in the east of Ukraine, is under pressure from the government. He has had to look for ways to regain his political influence after the ouster of his close ally, Yanukovich. As for billionaire Igor Kolomoisky, current governor of the Dnepropetrovsk region appointed by the interim government in Kiev, he is reaping the rewards of his support for the "revolution", rapidly extending his business empire - and having created a private army.
Too much at stake?
The extraordinary thing about Ukrainian oligarchs is that most of them have come out as fervent supporters of the "people's revolution" that ousted Yanukovich - albeit, you would have expected them to have been on good terms at least with the previous regime, if only to keep their massive assets intact. But no, now they boast about their involvement in bringing down Yanukovich. And that may well be the case. As my sources on the ground in Kiev have told me, the oligarchs quickly figured out that it was unwise to keep their eggs in one basket, i.e. remaining on good terms with Yanukovich and his people.
"There was too much at stake for them," one former government minister said.
Ironically, the current president of Ukraine, Petro Poroshenko, himself an oligarch who made his fortune, apart from other things, by having good relations with Russia, was not exactly a vocal critic of the previous regime before the protests in Kiev started in earnest last year. But lo and behold, now it turns out that Poroshenko was a devout "revolutionary" and his greatest wish of all was to see Yanukovich go and Ukraine joining the EU.
Complete story at - Ukraine and the battle of the oligarchs - Opinion - Al Jazeera English
Take the former Prime Minister of Ukraine, Yulia Tymoshenko, who has been very active since her release from prison in February, after ex-President Viktor Yanukovich had been forced to go on the run, and ended up in Russia. The word on the street is she's trying to avenge some of her enemies who, she thinks, were instrumental in putting her behind bars on charges of fraud.
Although she has failed to win the presidency, probably as a result of discreet pressure from the West, where she is seen as damaged goods, she is now allegedly making life difficult for several oligarchs who were close to Yanukovich.
Another oligarch, Rinat Akhmetov, who has vast interests in the east of Ukraine, is under pressure from the government. He has had to look for ways to regain his political influence after the ouster of his close ally, Yanukovich. As for billionaire Igor Kolomoisky, current governor of the Dnepropetrovsk region appointed by the interim government in Kiev, he is reaping the rewards of his support for the "revolution", rapidly extending his business empire - and having created a private army.
Too much at stake?
The extraordinary thing about Ukrainian oligarchs is that most of them have come out as fervent supporters of the "people's revolution" that ousted Yanukovich - albeit, you would have expected them to have been on good terms at least with the previous regime, if only to keep their massive assets intact. But no, now they boast about their involvement in bringing down Yanukovich. And that may well be the case. As my sources on the ground in Kiev have told me, the oligarchs quickly figured out that it was unwise to keep their eggs in one basket, i.e. remaining on good terms with Yanukovich and his people.
"There was too much at stake for them," one former government minister said.
Ironically, the current president of Ukraine, Petro Poroshenko, himself an oligarch who made his fortune, apart from other things, by having good relations with Russia, was not exactly a vocal critic of the previous regime before the protests in Kiev started in earnest last year. But lo and behold, now it turns out that Poroshenko was a devout "revolutionary" and his greatest wish of all was to see Yanukovich go and Ukraine joining the EU.
Complete story at - Ukraine and the battle of the oligarchs - Opinion - Al Jazeera English
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