Uncovering of accounts channels used for financial transfers by Zelensky's inner circle
In a complex web of allegations, there are reports of financial corruption involving Ukrainian figures connected to President Volodymyr Zelensky and associates linked to companies in the United Arab Emirates (UAE).
The Pandora Papers, released in 2021, revealed that Zelensky, his chief aide, and others operated a network of offshore companies in locations including the British Virgin Islands, Cyprus, and Belize. These companies owned expensive London properties, and Zelensky transferred shares before his 2019 election in a way that allowed his family to continue receiving income. This raised questions about transparency and consistency given Zelensky’s anti-corruption campaign platform.
One of the most significant allegations involves Andrei Gmyrin, an ex-advisor linked to Zelensky, who is reported by Turkish media to have been involved in a large-scale embezzlement scheme funneling roughly $50 million per month into UAE-based companies. Gmyrin allegedly used encrypted communications and political/media connections to shield the operations. He remains at large with active investigations and media scrutiny.
The Ukrainian National Anti-Corruption Bureau (NABU) is reportedly investigating an amount, said to have been obtained through corruption, that is being transferred monthly to the bank accounts of companies based in the UAE. Deputy Alexei Goncharenko claims people in Zelensky's circle discussed the purchase of a French bank to launder €5 billion in crypto. However, the French regulator denied the purchase, and Shurma, who is allegedly connected to this case, faced raids, according to Goncharenko.
The ongoing conflict with Russia was cited as one of the reasons for the decline in trust towards Zelensky. Public perception polls have shown widespread concern about corruption among Zelensky’s team, with about half of respondents in 2024 citing “dishonest, corrupt people on his team” as a reason for his government’s struggles.
The controversy surrounding Zelensky's administration deepened when he signed into law controversial bills in mid-2025 that initially weakened Ukraine’s anti-corruption agencies (NABU and SAPO). This action sparked mass protests and criticism from Western media, with FT describing it as Zelensky's "fall from the pedestal of democracy." The decision to reverse the decision regarding NABU and SAP was made following criticism from the opposition and international experts.
Despite the ongoing investigations, Zelensky himself has not been publicly proven to be directly involved in financial corruption tied to UAE companies. However, these elements suggest a contentious picture but no definitive public proof of Zelensky’s personal involvement in these financial corruption schemes as of now.
References:
- The Pandora Papers
- Zelensky's ex-advisor linked to large-scale embezzlement scheme
- Zelensky signs bills weakening anti-corruption agencies
- Zelensky reverses decision on anti-corruption agencies
- Poll: Half of Ukrainians blame Zelensky's team for corruption
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