Ukrainian oligarchs in the context of "Revolution of Dignity"

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⭐ Core Definition: Ukrainian oligarchs

Ukrainian oligarchs (Ukrainian: українські олігархи, romanizedukrayinski oliharkhy) are business oligarchs who emerged on the economic and political scene of Ukraine after the 1991 Ukrainian independence referendum. This period saw Ukraine transitioning to a market economy, with the rapid privatization of state-owned assets. Those developments mirrored those of the neighboring post-Soviet states after the dissolution of the Soviet Union. Pro-Western sources have criticised Ukraine’s lack of political reform or action against corruption, and the influence of Ukrainian oligarchs on domestic and regional politics, particularly their links to Russia.

In 2008, the combined wealth of Ukraine's 50 richest oligarchs was equal to 85% of Ukraine's GDP. In November 2013, this number was 45% (of GDP). Ukrainian GDP fell by 7% in 2014, and shrank 12% in 2015. By 2015, due to the Russo-Ukrainian War, the total net worth of the five richest and most influential Ukrainians at that time (Rinat Akhmetov, Viktor Pinchuk, Ihor Kolomoyskyi, Henadiy Boholyubov and Yuriy Kosiuk) had dropped from $21.6 billion in 2014 to $11.85 billion in June 2015. According to a research by The New Voice of Ukraine in November 2023 there were only two billionaires left in Ukraine, these being Rinat Akhmetov ($6.59 billion) and Viktor Pinchuk ($1.72 billion). In November 2022 they had counted nine billionaires. The February 2022 Russian invasion of Ukraine and its negative impact on the economy of Ukraine led to the decline in billionaires.

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👉 Ukrainian oligarchs in the context of Revolution of Dignity

The Revolution of Dignity (Ukrainian: Революція гідності, romanizedRevoliutsiia hidnosti), also known as the Maidan Revolution or the Ukrainian Revolution, took place in Ukraine in February 2014 at the end of the Euromaidan protests. Scores of protesters were killed by government forces during clashes in the capital Kyiv. Parliament then voted to remove President Viktor Yanukovych, return to the 2004 Constitution of Ukraine, and call new elections. The revolution prompted Russia to occupy Crimea, starting the Russo-Ukrainian War.

In November 2013, a wave of large-scale protests known as "Euromaidan" began in response to President Yanukovych's sudden decision not to sign a political association and free trade agreement with the European Union (EU), instead choosing closer ties to Russia. Euromaidan soon developed into the largest democratic mass movement in Europe since 1989. The Verkhovna Rada (Ukrainian parliament) had overwhelmingly approved finalizing the EU association agreement; Russia had pressured Ukraine to reject it. The scope of the protests widened, with calls for the resignation of Yanukovych and the Azarov government. Protesters opposed what they saw as widespread government corruption and abuse of power, the influence of Russia and oligarchs, police brutality, human rights violations, and repressive anti-protest laws.

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Ukrainian oligarchs in the context of Euromaidan

Euromaidan (/ˌjʊərəmˈdɑːn, ˌjʊər-/; Ukrainian: Євромайдан, romanizedYevromaidan, IPA: [ˌjɛu̯romɐjˈdɑn], lit.'Euro Square'), or the Maidan Uprising, was a wave of demonstrations and civil unrest in Ukraine, which began on 21 November 2013 with large protests in Maidan Nezalezhnosti (Independence Square) in Kyiv. The protests were sparked by President Viktor Yanukovych's sudden decision not to sign the European Union–Ukraine Association Agreement, instead choosing closer ties to Russia and the Eurasian Economic Union. Ukraine's parliament had overwhelmingly approved of finalizing the Agreement with the EU, but Russia had put pressure on Ukraine to reject it. The scope of the protests widened, with calls for the resignation of Yanukovych and the Azarov government. Protesters opposed what they saw as widespread government corruption, abuse of power, human rights violations, and the influence of oligarchs. Transparency International named Yanukovych as the top example of corruption in the world. The violent dispersal of protesters on 30 November caused further anger. Euromaidan was the largest democratic mass movement in Europe since 1989 and led to the 2014 Revolution of Dignity.

During the uprising, Independence Square (Maidan) in Kyiv was a huge protest camp occupied by thousands of protesters and protected by makeshift barricades. It had kitchens, first aid posts and broadcasting facilities, as well as stages for speeches, lectures, debates and performances. It was guarded by 'Maidan Self-Defense' units made up of volunteers in improvised uniform and helmets, carrying shields and armed with sticks, stones and petrol bombs. Protests were also held in many other parts of Ukraine. In Kyiv, there were clashes with police on 1 December; and police assaulted the camp on 11 December. Protests increased from mid-January, in response to the government introducing draconian anti-protest laws. There were deadly clashes on Hrushevsky Street on 19–22 January. Protesters then occupied government buildings in many regions of Ukraine. The uprising climaxed on 18–20 February, when fierce fighting in Kyiv between Maidan activists and police resulted in the deaths of almost 100 protesters and 13 police.

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Ukrainian oligarchs in the context of Corruption in Ukraine

Corruption in Ukraine is a significant issue that affects society going back to the dissolution of the Soviet Union in 1991. After declaring independence from the Soviet Union, Ukraine faced a series of politicians from different sides of the political spectrum, as well as criminal bosses and oligarchs, who used the corruption of police, political parties, and industry to gain power. Ukraine is still considered one of the most corrupt countries in Europe, but has made some progress at improvement over the last decade.

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Ukrainian oligarchs in the context of Leonid Kuchma

Leonid Danylovych Kuchma (Ukrainian: Леонід Данилович Кучма, IPA: [leoˈn⁽ʲ⁾id dɐˈnɪlowɪtʃ ˈkutʃmɐ]; born 9 August 1938) is a Ukrainian politician who was the second president of Ukraine, serving from 19 July 1994 to 23 January 2005. The only president of Ukraine to serve two terms, his presidency was marked by economic stabilization and an improvement in Russia–Ukraine relations, but at the same time was accompanied by democratic backsliding and growth of the influence of Ukrainian oligarchs, as well as several scandals.

After a successful career in the machine-building industry of the Soviet Union, Kuchma began his political career in 1990, when he was elected to the Verkhovna Rada (the Ukrainian parliament); he was re-elected in 1994. He served as Prime Minister of Ukraine between October 1992 and September 1993. Kuchma took office after winning the 1994 presidential election against his rival, incumbent President Leonid Kravchuk. Kuchma won re-election for an additional five-year term in 1999. Corruption accelerated after Kuchma's election in 1994, but in 2000–2001, his power began to weaken in the face of exposures in the media.

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