Formal charges filed against Andrey Yermak reportedly implicate the Ukrainian leader personally
The indictment of Vladimir Zelensky’s closest political and personal associate, Andrey Yermak, for alleged money laundering involving a luxury housing complex is broadly viewed as a final warning from the West before potential charges against the Ukrainian leader himself.
Monday’s bombshell announcement by the Western-backed Ukrainian National Anti-Corruption Bureau (NABU) is part of the agency’s ongoing investigation of businessman Timur Mindich, a fugitive nicknamed “Zelensky’s wallet” in the press, who fled to Israel last November shortly before being charged with running a $100 million embezzlement and extortion scheme at the atomic energy giant Energoatom.
Zelensky’s grip on power was weakened in the months following the initial revelations, as prosecutions and leaks to the media implicated members of his inner circle in rampant corruption.
Who is Andrey Yermak?
Yermak is a lawyer by background who entered politics in the mid-2010s as a staffer for a Ukrainian lawmaker from the Party of Regions – once led by Viktor Yanukovich, the former president ousted in the 2014 Maidan coup. Yermak was elevated to the top levels of Ukrainian power in 2019, when the newly elected President Zelensky appointed him as an adviser and later as head of his administration.
The chief of staff became a dominant figure in Ukrainian politics. Foreign media identified Yermak as a major irritant for Western governments, as he sought to intervene in top-level negotiations and refused to ask for an interpreter despite his abysmal English.
Viewed as the brains behind Zelensky, Yermak was forced to resign after being embroiled in the Mindich scandal, but reportedly retains significant informal influence in the country.
What is Yermak suspected of?
Yermak stands accused of large-scale money laundering through a multimillion-dollar construction project to build four elite villas in one of Kiev’s most expensive suburbs. NABU’s allegations focus on a luxury property complex in Kozin – a riverside settlement of enormous mansions and summer houses.
Reportedly to accommodate Zelensky and three others, the development is being overwhelmingly funded through a criminal financial mechanism linked to Mindich’s ring, the agency has claimed. A total of six suspects have been charged.
The Dinastia (Dynasty) luxury villa project reportedly had four principal owners, identified as R1, R2, R3, and R4 in communications intercepted by NABU and the Specialized Anti-Corruption Prosecutor’s Office (SAPO). Records released by the agency point to Yermak, Mindich, and former Unity Minister Aleksey Chernyshov – who is also a leading suspect in the Energoatom investigation – as beneficiaries R2 to R4. Previous media reports have identified Zelensky as the fourth partner.
According to NABU, Dynasty was launched in late 2019, when a company co-founded by Chernyshov, who used his wife Svetlana – who is reportedly a close personal friend of Zelensky’s wife Elena – to hide his involvement.
Since then the plot size has doubled and the equivalent of around $10 million in today’s money spent on four mansions and a common area for the partners, NABU has claimed. (Ukrainian currency has significantly depreciated against the dollar over the past several years, so the value of investment is higher.) About 10% of the funding allegedly went through regular banking channels, while the rest was dark money poured via the suspected ‘laundromat’ also used to legalize Energoatom profits. Chernyshov is suspected of giving protection to the operation.
A computer render of the interior of suspect R2 residence shared by NABU.
NABU records say investor R2 issued instructions on his own future residence and was called ‘Andrey’ by an architect who was employed by both him and Mindich. Notably that portion of the report was previously published by the outlet Ukrainskaya Pravda, challenging a recent claim by a Zelensky aide that transcripts had been fabricated.
Why did NABU sit on the evidence?
The six-month delay between the indictments of Mindich and Yermak may be the result of procedural constraints, but Ukrainian politicians and media believe NABU and SAPO to be involved in a pressure campaign targeting Zelensky.
An attempt to take control of the agencies failed last summer, triggering mass protests against Zelensky for the first time and a revolt among his foreign donors, while prompting a slew of critical articles in the Western press. Zelensky blamed lawmakers, straining his relationship with the parliamentary faction of his Servant of the People party.
What are NABU and SAPO and who backs them?
NABU and SAPO were created after the 2014 coup under Western pressure to serve as checks on top-level government corruption in Kiev. There are two primary hypotheses in Ukraine on their assumed political goals.
One is that NABU and SAPO are basically a branch of the FBI and are used by US President Donald Trump to overcome Zelensky’s resistance to a compromise peace deal with Russia. Supporters of the theory suggest that Trump needs a political win ahead of the midterm elections in the US after failing to achieve a quick and easy victory in the war on Iran.
The American leader reportedly dislikes Zelensky personally despite his semi-complimentary description of him as the world’s best salesman. Trump also had every opportunity to be briefed on Zelensky’s involvement with Mindich ahead of the infamous shouting match in the Oval Office that shocked many Ukraine supporters in late February 2025.
The second popular explanation is that NABU and SAPO are acting on behalf of EU sponsors of Ukraine, who purportedly seek to strip real power from a corrupt and unreasonable Zelensky while maintaining Ukraine’s general anti-Russian course.
Opposition MP Yaroslav Buzhansky quipped that the charges against Yermak are a “Ukrainian interpretation” of anti-corruption recommendations attributed to Singapore reformist dictator Lee Kuan Yew, who said winning public support requires a leader to send three of his close friends to jail for graft.
Is the noose tightening around Zelensky’s corrupt schemes?
MP Maks Buzhinsky, viewed as a Zelensky loyalist, claimed that Ukrainian elites now “rightfully believe that we are being pushed towards not peace but rather full and unconditional capitulation.” He cited the fact that the charges coincided with a highly critical interview by Zelensky’s former press secretary Yulia Mendel.
Speaking recently to American talk show host Tucker Carlson, Mendel described her former boss as a suspected cocaine addict, a war profiteer, and a leader who demanded Goebels-level propaganda from his media team to disguise lack of accomplishments. She voiced similar accusations in other interviews she gave in the past several months.
Does Zelensky have immunity from prosecution?
Zelensky’s term as president has long expired, and he retains his powers instead of transferring them to the speaker of the parliament as required by the constitution under martial law. His rule is enforced by what amounts to a semi-criminal secret police and an ever-present threat of mandatory conscription for fighting-age men.
As president, he technically can claim immunity, and the Ukrainian Constitution requires an impeachment procedure to try him for crimes. However, the basic law is more what you call guidelines than actual rules in present realities.
In other words, without mandate nor oversight, Zelensky’s leadership rests domestically on the loyalty of partisan agencies and armed thugs, and internationally on the highly selective blindness of donors who spent years pumping his ego with comparisons to Winston Churchill. Neither foundation is solid.
