The end of the UK appeal
I view the UK Supreme Court’s refusal to grant Ihor Kolomoisky and Hennadiy Boholiubov permission to appeal as the definitive end to the UK legal battle over liability. On October 29, a panel consisting of Lord Reed, Lady Rose, and Lord Snowden decided the application does not raise an arguable point of law of general public importance that the court should hear. This means the July 2025 ruling ordering the former owners to pay PrivatBank more than $3bn in damages, interest, and legal costs can now be enforced in any jurisdiction. The specific bill includes $1.76bn in damages, $1.19bn in pre-judgment interest, and an interim $100mn towards costs, with the total debt continuing to grow because the interest runs at US prime plus two percentage points. The pair missed the November 24, 2025 payment deadline. Since the High Court refused a stay last year, the bank can now pursue enforcement globally without a pending UK appeal to weigh in. The bank said a year ago that any compensation would benefit the government as sole shareholder.
Difficulties in fund recovery
I find the prospect of actually collecting this money difficult despite the clear legal victory. While a worldwide freezing order has held more than $2.5bn in assets across at least 33 jurisdictions since December 2017, the recovery process remains complex. Boholiubov left Ukraine, and Kolomoisky has been in pre-trial detention since 2023. Kolomoisky faced trial in August over an alleged UAH9.2bn ($201mn) misappropriation from the bank and a contract murder charge, though both men deny wrongdoing and claim the London case is politically motivated.
| Category | Amount |
|---|---|
| Damages | $1.76bn |
| Pre-judgment Interest | $1.19bn |
| Interim Costs | $100mn |
| Frozen Assets | Over $2.5bn |
| 2016 Nationalization Hole | $5.5bn |
The bank’s recovery efforts face hurdles. In December 2025, the bank took a first charge on Boholiubov’s solicitor accounts containing roughly GBP 30m ($40m), which covers only 1.3% of the judgment. On June 29, the High Court ruled the bank’s right to enforce those funds arose when the appeal failed on May 22 and refused to let unpaid legal bills go first. Much of the former owners’ Ukrainian holdings are gone, such as the 42% stake in Ukranfta taken in November 2022 or the Kryvyi Rih iron ore plant that is currently at 5% of pre-war output. Even if the bank recovers everything, it only covers half of the $5.5bn hole found in 2016 after the bank took UAH155bn in public money. Kyiv has drawn up a sale of 7% of the bank to citizens for about UAH18bn ($394mn), and National Bank of Ukraine deputy governor Dmytro Oliynyk said in June that an IPO is possible next year.
