Ukrainian President Volodymyr Zelensky is under pressure over how he will resolve a long-running dispute regarding a nationalized bank and its former oligarch owner.
How he proceeds could be a "deal-breaker" as to whether Ukraine's international creditor, the International Monetary Fund , gives the country a further much-needed aid program, experts say.
The IMF, which had given Ukraine a $17.5 billion aid package in 2015, backed the nationalization but insisted earlier this year that "it is important that the authoritiesIn early 2018, the central bank released the findings of an investigation by corporate investigations consultancy Kroll that said that, prior to nationalization,
"The fund is unlikely to approve of any compromises on the nationalization of the bank, which would put the government's $5.5 billion investment in its recapitalization into question. However, it is unclear what would be the red line for the fund to abandon negotiations with the government." Kolomoisky has felt comfortable enough under the new Zelensky administration to return to Ukraine after two years of self-imposed exile living abroad, although he has denied he is now an advisor to the president.
"Whether the guy is really a reformer, or just in the pocket of another oligarch, will be determined by how he plays this one out. Lots of warm words on reform hot topics like land reform will count for nothing if Zelensky backs Kolomoisky in reversing the Privatbank nationalization," he said in an emailed note.
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