Zelenskyy’s income fell drastically following Russia’s invasion, new declaration reveals


Ukrainian President Volodymyr Zelenskyy speaks with CNBC’s Andrew Ross Sorkin at the World Economic Forum Annual Meeting in Davos, Switzerland on Jan. 16th, 2024.

Adam Galici | CNBC

Ukrainian President Volodymyr Zelenskyy published his income for the first time as he looks to promote transparency and tackle corruption as part of the country’s push for European Union membership.

Ukraine formally started the screening process to begin EU membership last week and faces stringent conditions on addressing its historic corruption problem.

The Zelenskyy family income fell almost threefold between 2021 and 2022, according to the declaration Sunday on the presidential website.

Zelenskyy and his family members received 10.8 million Ukrainian hryvnias ($286,168) in 2021, the year before Russia invaded Ukraine, which was down almost 12 million hryvnias from the previous year. The 2021 figure included around $142,000 in income from the sale of government bonds.

“Volodymyr Zelenskyy continues to own a number of trademarks. In particular, in 2021, the process of registering 22 trademarks, which began long before his election as President of Ukraine, was completed,” the president’s first-ever public declaration of income said.

In 2022, the Zelenskyy family income fell to 3.7 million hryvnias due to the “temporary termination of lease agreements on the territory of Ukraine as a result of the beginning of Russia’s full-scale aggression.”

The family’s cash balance at the end of 2022 dropped by almost 1.8 million hryvnias, the declaration said, while its asset, real estate and vehicle ownership was unchanged over the two years.

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Zelenskyy has urged all public officials to disclose their incomes as part of a wider effort to promote transparency, and Ukraine’s National Agency on Corruption Prevention last month reopened a register on declared income to public scrutiny.

The U.S. and other allies supplying financial aid and weaponry, along with institutions such as the International Monetary Fund, have also sought assurances about Kyiv’s efforts to eradicate graft in public office.

The Security Service of Ukraine (SBU) revealed on Saturday that it had uncovered a $40 million arms procurement corruption scheme after a two-year investigation.

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Five employees from Ukrainian arms firm Lviv Arsenal allegedly conspired with Ministry of Defense officials to embezzle funds earmarked for the purchase of 100,000 mortar shells.

The SBU said five people had been charged and could face up to 12 years in prison if found guilty.



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