Ukraine Presidential Chief of Staff Andrii Yermak and President Volodymyr Zelensky (File)

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UPDATE 1036 GMT:

Ukraine President Volodymyr Zelensky has not mentioned the investigation of his Chief of Staff Andrii Yermak, who has also been leading Kyiv’s team in discussions of the Trump-Kremlin ultimatum and the European counter-proposal.

Before news broke of the searches of Yermak’s premises, Zelensky said in his nightly address to the nation.

UPDATE 1023 GMT:

Belgium has again lashed out against the European Union’s plan for a €130 billion ($150 billion) “reparations loan”, drawing from frozen Russian state assets, to maintain Ukraine’s financial and economic stability.

Belgian Prime Minister Bart De Wever declared in a letter to European Commission President Ursula von der Leyen, “Hastily moving forward on the proposed reparations loan scheme would have, as a collateral damage…effectively preventing the reaching of an eventual peace deal.”

Last month Belgium, which holds most of the Russian assets through its company Euroclear, blocked EU approval of the loan.

Von der Leyen has emphasized that Ukraine faces a budgetary shortfall of more than €135 billion ($156 billion) in 2026-2027.

ORIGINAL ENTRY: Ukraine’s anti-corruption agencies are investigating President Volodymyr Zelensky’s Chief of Staff Andrii Yermak.

The National Anti-Corruption Bureau (NABU) and Specialized Anti-Corruption Prosecutor’s Office (SAPO) said on Friday that searches have been conducted at Yermak’s premises.

Yermak confirmed on social media:

Today, the NABU and SAPO are indeed carrying out procedural actions at my home. The investigators are facing no obstacles. They have been given full access to the apartment, and my lawyers are present on site and are cooperating with law enforcement. I am providing full cooperation on my part.

Yermak is being investigated over a $100 million scheme for kickbacks from suppliers to Ukraine’s State nuclear power agency Energoatom. Eight high-level officials are suspects, including President Zelensky’s former business partner Timur Mindich; Herman Haluschenko, Energy Minister from 2021 to 2025; and former Deputy Prime Minister Oleksiy Chernyshov.

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A law enforcement source said one of the luxury houses financed through the Energoatom kickbacks was meant for Yermak.

Citing law enforcement sources, the outlet Ukrainska Pravda reported on Monday that Yermak’s implication in the scandal, with investigators referring to him as “Ali Baba”.

Ukraine’s chief anti-corruption prosecutor Oleksandr Klymenko said earlier in November that “Ali Baba” was trying to halt the investigation by “assigning tasks to law enforcement agencies to ensure they persecute NABU detectives and anti-corruption prosecutors”.

Protected by Zelensky — Until Now?

Yermak was widely blamed in Ukraine for legislation this summer which threatened the autonomy of NABU and SAPO, putting them under the control of the Prosecutor General. Zelensky signed the measure, but withdrew it under pressure from large protests.

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The President has held out against demands for Yermak’s resignation. Instead, he appointed him as head of the Ukrainian delegation discussing the Trump-Kremlin ultimatum for Kyiv’s capitulation and a European counter-proposal.

Hours before the investigation was announced, Yermak posted:

Zelensky’s office did not respond to requests for comment.

A lawmaker from Zelensky’s Servant of the People Party said there was little reaction to the news: “Most people seemed to understand everything already. For the most part, there’s silence. Only a few individuals have taken note of recent events. Some might be in shock.”

The lawmaker noted, “Some may have hoped there would be no further fallout, thinking that [Yermak’s] appointment as head of the peace delegation meant the end of the story. But it turns out that this is only the beginning.”

Daria Kaleniuk, the executive director of the Anti-Corruption Action Center, noted, “Usually searches are conducted right before charges are presented to possible suspects. So therefore we can expect today or very soon charges against Andrii Yermak.”