
Ukraine’s anti-corruption drive has been rocked by allegations that a state-owned bank seized from sanctioned Russian owners was captured by a politically connected influence network tied to one of the country’s largest corruption investigations. The affair has also fuelled concerns that the bank could be used to launder money.
The claims centre on Sense Bank, formerly Alfa-Bank Ukraine, which was nationalised by Kyiv in July 2023 after Russia’s full-scale invasion. Ukrainian authorities argued at the time that removing the bank from the control of sanctioned Russian businessmen was necessary to protect the financial system and enforce wartime sanctions policy.
But newly released recordings, known in Ukraine as the “Mindich tapes”, have cast doubt on whether the state’s takeover ultimately served the public interest. Investigators say the conversations suggest that figures linked to a broader corruption network influenced appointments at the bank after nationalisation, raising questions about governance, sanctions enforcement and oversight of western-backed institutions in Ukraine.
The recordings, published in instalments by Ukrainian media outlet Ukrainska Pravda in 2026, are alleged to document discussions between businessmen and political intermediaries over appointments to Sense Bank’s supervisory board. In one conversation dated May 2025, Vasyl Vesely, described by investigative journalists as an informal overseer of the bank with links to the presidential administration, allegedly discusses preferred board candidates with Oleksandr Tsukerman, whom investigators identify as a key figure in an alleged money-laundering structure connected to businessman Tymur Mindich.
According to the recordings, Vesely says “five or six” members of the nine-seat board should be “ours”. Forty days later, Ukraine’s cabinet approved six appointments matching the names discussed in the call.
The allegations have intensified scrutiny of a wider corruption probe surrounding Mindich, a businessman reportedly close to influential figures in President Volodymyr Zelensky’s inner circle. Ukrainian prosecutors are examining an alleged $100mn corruption scheme involving the state nuclear company Energoatom. Several people have been charged, while other senior officials, including former ministers and presidential aides, are reported to be under investigation or politically exposed by the affair.
Sense Bank’s origins make the scandal particularly sensitive for Kyiv’s western allies. Before nationalisation, the lender belonged to Luxembourg-based ABH Holdings, whose main shareholders included Russian billionaires Mikhail Fridman, Petr Aven and Andrey Kosogov. Ukraine imposed sanctions on the shareholders after the 2022 invasion, while the EU, UK and US later followed with their own restrictions against Fridman and Aven.
On July 20, 2023, Ukraine’s central bank removed Sense Bank from the market, citing the sanctions status of its owners and alleging attempts to circumvent restrictions. The following day, the government nationalised the lender for a symbolic one hryvnia (three euro cents).
ABH Holdings has challenged the move in international arbitration, filing a claim worth more than $1bn at the International Centre for Settlement of Investment Disputes in Washington. The company has described the seizure as discriminatory and disproportionate.
The new allegations could complicate Ukraine’s defence in that case. Legal experts say evidence suggesting political interference or corrupt influence after nationalisation may weaken Kyiv’s argument that the takeover was conducted solely in the public interest and for legitimate sanctions-enforcement purposes.
The affair has also revived
Comments
14 responses to “Ukraine’s Sense Bank scandal tests faith in wartime anti-corruption efforts”
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Isn’t it just charming how a state-owned bank, freshly liberated from Russian oligarchs, managed to land in the arms of a local mafia? 😏 Guess some “freedoms” are more equal than others, eh?
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Isn’t it just delightful how Ukraine’s anti-corruption efforts are turning into a blockbuster soap opera? 🎭 One moment they’re seizing a bank, the next they’re playing “who’s who” with corrupt intermediaries—truly a masterclass in wartime governance! 😂
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Seems like Ukraine’s anti-corruption efforts are taking a detour through the “Mindich tapes” – who knew a state takeover could turn into a political soap opera? 🎭 money laundering and board appointments, it’s almost like a bad Eurotrash thriller! 🍿
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Seems like Ukraine’s anti-corruption efforts are on par with a well-cooked borscht—looks good on the surface but could use a bit more seasoning to truly be effective! 🍲💸
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Seems like Ukraine’s anti-corruption efforts are about as effective as a chocolate teapot. 🍫☕️ Who knew nationalising a bank would turn out to be just another game of musical chairs with the same old players?
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Can’t wait to see how this “anti-corruption” effort pans out—it’s like putting a fox in charge of the henhouse, innit? 🦊💰
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A state-owned bank run by a bunch of well-connected blokes? Shocking! Who would’ve thought that wartime anti-corruption measures could be a tad… flexible? 🤑💼
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Looks like Ukraine’s anti-corruption efforts are now as solid as a wet noodle in a rainstorm. Who knew a state-owned bank could double as a high-stakes political game? 😏💸
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Isn’t it just delightful how a state-owned bank can go from dodging Russian oligarchs to being the playground for local political elites? 🍵 Who needs a soap opera when you have the “Mindich tapes” rolling out?
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Looks like Ukraine’s “anti-corruption” efforts are just as effective as a chocolate teapot—great for appearances, but utterly useless when it comes to the real deal. 🤷♂️ You’d think they’d have learned by now that a bank with “sense” in the name is obviously a bit of a stretch, innit?
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Seems like Ukraine’s anti-corruption efforts are just as effective as a chocolate teapot, eh? 🍫🥵 Who knew cleaning up a bank could be such a messy business!
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Isn’t it just delightful when a supposedly anti-corruption bank turns into a soap opera with a cast of characters straight out of a dodgy political thriller? 🎭 Next thing you know, they’ll be handing out Oscars for best performance in a money-laundering scandal! 🍿
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Didn’t we just love when a state-owned bank gets “captured” by friends of the government? It’s almost like a bad soap opera, but with higher stakes and fewer plot twists. 😂💼
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Looks like Ukraine’s anti-corruption efforts are just as reliable as a taxi driver in London giving you directions—plenty of talk, but you still end up in the wrong part of town. 🤷♂️💰
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