The $3 Billion Payback: PrivatBank Moves Against Kolomoisky and Boholiubov

Former PrivatBank owners Igor Kolomoisky and Gennadiy Boholiubov have missed the deadline to repay more than $3 billion in damages and interest, opening the door for PrivatBank to begin full-scale enforcement against their assets.

This was reported on the bank’s official website.

On 24 November 2025, the deadline for voluntary compliance with the English High Court judgment, which obligated both businessmen to compensate the bank for damages, expired. The institution noted that the defendants have made no payments.

PrivatBank stated plainly:
“Given that the court rejected the application for a general stay of execution, the judgment is subject to immediate enforcement.”

The bank emphasized that the ruling may be enforced not only in the UK but also in other jurisdictions in accordance with their laws. In particular, PrivatBank will begin procedures for the recognition and enforcement of the judgment in Ukraine, where the defendants hold assets.

The financial institution warned that forced recovery could be a “lengthy and complex process”. Still, it stressed that it will use all available mechanisms — including cross-border instruments — to secure full compensation for its losses.

Background of the Case

In December 2016, following its nationalization, PrivatBank filed a lawsuit in the High Court of London against Kolomoisky, Boholiubov, and six affiliated companies, securing a worldwide freezing order on their assets worth more than $2.5 billion.

In 2018, the High Court initially ruled that it lacked jurisdiction. However, in 2019, the Court of Appeal overturned that decision and found in favour of PrivatBank, allowing the case to proceed in London.

The final hearings began in June 2023.

In July 2024, the London court issued a ruling in PrivatBank’s favour.

Finally, on 10 November 2025, the court ordered the bank’s former owners to pay more than $3 billion in damages and interest.

Read on Censor.NET: Alexey Martynov, a former business partner of Igor Kolomoisky and Gennady Bogolyubov in the Privat Group, reported that after the nationalization of PrivatBank, the scandalous businessman and the oligarchs launched a crypto farm in Georgia and “acquired” $4 billion in cryptocurrency.