Orthodox oligarch with Russian citizenship: how Novinsky continues to exploit Ukraine

Russian businessman Vadim Novinsky continues to manage his business in Ukraine without hesitation, without hiding his affairs.

Despite the long war, Novinsky controls numerous Ukrainian assets, including a prestigious hotel in Kyiv, real estate in Podil, a share in the Summit business center, Amstor retail chains, and port infrastructure facilities.

Despite the sanctions, the managers have remained the same, and the companies continue to report low income despite significant asset values. The chain of ownership has practically not changed: trusts, offshore, trustees – everything remains in place, and this emphasizes that Novinsky has not actually lost control over his Ukrainian assets.

Not so long ago, a Kyiv court ruled to seize about UAH 196.9 million in the account of a private executor in the case of a former deputy. The investigation suspects that these funds could have been legalized through a complex scheme of debt transfers. Earlier attempts to transfer this money were made through Smart Investments Cyprus Ltd and Smart Leasing LLC. In August 2025, the court rejected SBI’s motion to seize this amount, finding no new evidence of a connection to the criminal investigation. However, six days later, the money was transferred to the account of a private executor at Oschadbank, effectively resulting in the loss of assets. The investigator recognized these funds as material evidence in the case.

The SBI filed a repeated motion to seize the funds, and the court upheld the seizure, recognizing it as necessary to ensure the future confiscation of Novyns’koho’s assets. As a result, the money in the Oschadbank account was seized. On September 15, the Pechersk court ruled to keep Novyns’koho in custody for high treason and propaganda of pro-Russian views.

Previously, there were also reports about the situation at Ukrgazvydobuvannya, which involved blocking competitors and huge expenses on fictitious drilling projects through pocket contractors.