Home > Author > Serhii Plokhy >

" The new “men of steel” included the leader of the Donetsk group, Rinat Akhmetov, who in the early 1990s took over leadership of a company called Lux, known to the Ukrainian authorities for its criminal origins and connections. In the Dnipropetrovsk region, two local businessmen divided major metallurgical assets: Viktor Pinchuk, who married into President Kuchma’s family, and Igor Kolomoisky, who established one of the first major private banks in Ukraine. Others also shared the loot of post-Soviet Ukrainian privatization. Still, the corrupt and often criminal nature of the privatization process aside, the “oligarchization” of the Ukrainian economy coincided with the end of economic decline. Ukraine began the new millennium with a rapid economic recovery, and, for better or worse, the oligarchs were important figures in that new success story. "

Serhii Plokhy , The Gates of Europe: A History of Ukraine


Image for Quotes

Serhii Plokhy quote : The new “men of steel” included the leader of the Donetsk group, Rinat Akhmetov, who in the early 1990s took over leadership of a company called Lux, known to the Ukrainian authorities for its criminal origins and connections. In the Dnipropetrovsk region, two local businessmen divided major metallurgical assets: Viktor Pinchuk, who married into President Kuchma’s family, and Igor Kolomoisky, who established one of the first major private banks in Ukraine. Others also shared the loot of post-Soviet Ukrainian privatization. Still, the corrupt and often criminal nature of the privatization process aside, the “oligarchization” of the Ukrainian economy coincided with the end of economic decline. Ukraine began the new millennium with a rapid economic recovery, and, for better or worse, the oligarchs were important figures in that new success story.