Ukraine freezes assets of former president Poroshenko

KYIV,—Ukraine has imposed sanctions on former president and opposition President Petro Poroshenko, freezing his assets and barring him from withdrawing capital from the country, according to a presidential decree published Thursday.

Poroshenko, one of Ukraine’s wealthiest individuals, leads the largest opposition party in the Ukrainian parliament. He served as president from 2014 to 2019 before losing his bid for re-election to current President Volodymyr Zelensky.

The decree did not specify the exact reasons for the sanctions, but Zelensky had previously stated that his security council would target individuals who have undermined Ukraine’s national security.

Zelensky earlier stated that the billions generated through what he described as the sale of Ukraine’s assets and security should be frozen and redirected to support the protection of Ukraine and its citizens.

In addition to Poroshenko, the sanctions also extend to several other high-profile figures, including jailed oligarch Ihor Kolomoisky, former PrivatBank co-owner Gennadiy Bogolyubov, Viktor Medvedchuk, a close associate of Russian President Vladimir Putin, and businessman Kostiantyn Zhevaho.

Poroshenko, in a statement on Wednesday, denounced the sanctions as politically motivated and unconstitutional. The 59-year-old businessman, often referred to as the “Chocolate King” due to his confectionery empire, has long been a political rival of Zelensky. Prior to Russia’s invasion of Ukraine, Poroshenko had been under investigation in several criminal cases related to his business dealings, which he has denied any wrongdoing.

The sanctions come at a time of heightened political activity in Ukraine, as discussions around the potential for future elections have grown following U.S. President Donald Trump’s efforts to push for an end to the war with Russia.

Under the martial law imposed in Ukraine since Russia’s full-scale invasion in February 2022, elections have been prohibited. Zelensky’s mandate, which was set to end in May 2023, has been extended due to the ongoing war.

The Ukrainian government has not provided further details on any additional measures tied to these sanctions.

(With files from Reuters)