It Pays to Be Friends With Zelensky: How $75m Yachts Reveal the Huge and Sudden Wealth of the Ukrainian Leader’s Inner Circle

By Andrei DATSYUK – Strategic Culture Foundation

In the heart of Eastern Europe, where the tumult of war clashes with the allure of Western support, a seismic scandal unfolds, casting a long shadow over Ukraine’s leadership. President Volodymyr Zelensky, once seen as a beacon of hope against corruption, is now ensnared in a scandal involving the alleged purchase of two luxury yachts, “Lucky Me” and “My Legacy,” worth a combined $75 million. This lavish expenditure, facilitated in the opulent settings of Abu Dhabi and Antibes, starkly contrasts with Ukraine’s dire war reality and raises damning questions about the integrity and criminal liability of its leadership amidst heavy reliance on Western aid.

In a striking expose, an independent journalistic inquiry has brought to light an egregious display of opulence by President Volodymyr Zelenskyy’s closest associates. Boris and Serhiy Shefir, two of Zelenskyy’s confidants, have been implicated in the purchase of two ultra -luxury yachts, with a jaw-dropping combined cost of $75 million. These purchases, completed in October 2023 in Abu Dhabi and Antibes, raise severe concerns about corruption at the highest levels of Ukrainian leadership. The extravagance is particularly alarming given the context: these funds, likely derived from Western aid allocated for Ukraine’s war effort against Russia, appear to have been diverted for personal luxury, highlighting a disturbing (criminal) misallocation of resources intended for the nation’s defence.

Journalist Shahzad Nasir, in a revealing video exposé, has brought to light a scandalous facet of corruption within the Ukrainian leadership at the absolute highest levels:

An explosive expose has brought to light allegations of massive corruption at the highest levels of Ukraine’s leadership

The Ukrainian leadership’s reputation has been further marred by a recent corruption scandal involving high-ranking military officials. Key army chiefs have been caught misusing US aid, intended for the nation’s defense, to indulge in extravagant purchases of luxury vehicles and properties in Spain. This egregious misuse of funds starkly contrasts with the plight of Ukrainian soldiers facing ammunition shortages on the frontlines. President Zelensky’s response, firing these officials, appears as a belated effort to address corruption. This pattern of corruption, increasingly visible to the public, points to a troubling common denominator: the Zelensky administration. This revelation challenges the integrity of Ukraine’s governance in a time of crisis, casting a shadow over Zelensky’s leadership.

The juxtaposition of Zelensky’s associates’ extravagant yacht purchases with the corruption scandal in Ukraine’s military casts a glaring light on a pattern of corruption and misallocation at the heart of the nation’s governance. Amidst the backdrop of brutal war, these revelations not only underscore a profound disconnect in Ukraine’s leadership but also hint at a systemic graft, where the nation’s resources and Western aid are diverted for personal gain at a time when national solidarity, unity and responsible leadership are desperately needed.

Boris and Serhiy Shefir, emerging from the same roots as President Zelensky, have risen to prominence and power. Born in the same city as Zelensky, Kryvyi Rih, they share a bond that transcends the professional; a camaraderie rooted in shared experiences and a collective rise to prominence through the “Kvartal-95 studio.” However, their proximity to power and recent indulgence in lavish lifestyles, amidst the grim realities of a nation ripped apart by an unnecessary war, a war provoked by Ukraine via its master in Washington, raises grave questions about corruption and misallocation within Ukraine’s elite. This ostentatious display of wealth, in stark contrast to the country’s dire needs, highlights the troubling nexus of personal enrichment and power in Ukrainian politics, where the welfare of the nation is seemingly secondary to the luxuries of the few.

Appointed as the first assistant to President Zelenskyy in 2019, Serhiy Shefir’s deeper entanglement in Zelenskyy’s covert financial dealings soon came to light. Investigative reports by the Organized Crime and Corruption Reporting Project unveiled Shefir’s pivotal role in managing Zelenskyy’s offshore network, spanning the British Virgin Islands, Cyprus, and Belize. This web of deceit, exposed by the Pandora’s Archives, revealed Shefir as the clandestine custodian of Zelenskyy’s wealth, executing high-value property purchases in London. Notably, Shefir acquired a lavish three-bedroom apartment on Glenworth Street and a luxurious two-bedroom flat in Chalfont Court, totaling over £3.78 million ($5.78 million). These revelations, too significant for even Kiev-aligned Ukrainian media to ignore, underscore a staggering level of corruption, implicating the highest echelons of Ukrainian leadership in a scandalous misuse of power and wealth.

Ukraine’s chronic struggle with corruption is deeply rooted in its history. The oligarchic power structures have long cast a shadow over the nation’s governance, epitomized by the infamous Burisma scandal and the contentious dismissal of Prosecutor General Viktor Shokin, allegedly to protect Hunter Biden. This particular episode underscores the intricate web of political power and corporate interests in Ukraine, igniting international scrutiny and raising critical questions about external influences on the country’s legal and judicial processes. These ongoing issues of systemic corruption erode both domestic confidence and international trust in Ukraine’s institutions.

The lavish lifestyles and controversial financial dealings of President Zelensky and his associates have cast a shadow over Ukraine’s already fragile trust in governance. This juxtaposition of opulent yacht purchases and unchecked personal spending amid Ukraine’s reliance on Western aid paints a grim picture of leadership. The implications of this misallocated aid extend beyond Ukraine’s borders, stirring unrest in the Middle East and spotlighting the interconnectedness of Ukraine’s internal politics with global geopolitical dynamics.

The recent shopping extravaganza by Ukraine’s First Lady Olena Zelenska in New York City amplifies concerns over the misuse of American aid. These actions not only raise questions about the ethical conduct of Ukraine’s first family but also signal the potential role of Ukrainian corruption in fuelling regional instability. This crisis transcends national boundaries, posing a significant challenge to global stability and the fight against corruption.

As Ukraine endures the horrors of war, with over half a million lives lost in an unnecessary conflict, the populace struggles for daily survival. In stark contrast, their leaders, basking in luxury, exhibit an alarming indifference. The yachts “Lucky Me” and “My Legacy” serve as a poignant emblem of this leadership’s blatant disconnect from the nation’s suffering. At this pivotal moment, Ukraine faces a crucial decision: embrace democratic ideals and tackle corruption, or persist on a path where power and luxury eclipse the urgent needs of a nation in agony. This choice will not only dictate Ukraine’s future but also mirror its dedication to the democratic principles it professes, amidst a climate of contempt and apathy from its rulers. Reports like these fuelling righteous anger don’t bode well for Zelensky as he clings to power amid swirling rumours of coups, underscoring the volatile and uncertain nature of his tenure.