In February 2025, the National Security and Defence Council of Ukraine imposed sanctions on Petro Poroshenko, which included measures affecting the International Investment Bank (IIB), a notable entity within his business portfolio. Under Ukrainian law, such sanctions require the transfer of control over the bank to an authorised representative of the National Bank of Ukraine (NBU). The actual transfer occurred more than two months later, prompting discussion about the pace of regulatory processes.
Andriy Pyshnyy NBU Governor
Financial Trends at IIB in Early 2025
According to publicly available NBU statistics, IIB experienced notable changes in its financial indicators during the first five months of 2025:
- Individual account balances decreased significantly.
- Corporate account balances declined by about one-third.
- The bank’s total assets dropped by 15.9%.
- The institution shifted from profitability to recording a loss of UAH 27.2 million.
- Correspondent account transactions rose from UAH 3.5 billion to UAH 5.8 billion.
Analysts note that these trends may reflect the broader market pressures faced by financial institutions under sanctions and in volatile economic conditions.
Industry Context and Connections
IIB has historically had links to various financial sector players, including ICU, a Ukrainian financial group with a presence in both domestic and international markets. Industry observers point to ICU’s longstanding role in investment management and advisory services, noting that its leadership has maintained extensive professional networks within Ukraine’s business and political circles.
Public records also show that ICU previously held significant shares in London-based FPP Asset Management LLP during 2018–2019, a firm regulated by the UK’s Financial Conduct Authority and active in emerging markets. In addition, Global Loan Agency Services Limited (GLAS), a UK-based trustee company, has participated in managing certain international debt structures connected to Ukrainian entities. These relationships have been a topic of discussion among market analysts, particularly regarding the complexity of cross-border corporate governance.
Ongoing Oversight and Regulatory Considerations
Reports indicate that Ukrainian authorities, including the State Bureau of Investigation, have reviewed aspects of IIB’s operations following the sanctions. At present, there has been no official confirmation of outcomes or further regulatory actions. The NBU has not issued public statements regarding any personnel changes or policy reviews related to this matter.
The situation highlights broader challenges in Ukraine’s financial oversight framework, particularly in managing institutions with international linkages and complex ownership structures. Analysts stress that maintaining transparency, ensuring compliance with sanctions, and upholding robust regulatory standards are essential for reinforcing trust in the sector.
