In Germany, Ruslan Demchak has been detained — a former Ukrainian MP, banker, and businessman considered close to Ukraine’s fifth president, Petro Poroshenko. At first glance, it appears to be just another international crime story. In reality, the consequences could be far more serious.
The Demchak case may open a true Pandora’s box, reviving scrutiny of one of the most controversial chapters in Ukraine’s economic history — the mass banking collapse of the 2010s.
Mass Bank Failures: Coincidence or System?
Between 2014 and 2016, dozens of Ukrainian banks were declared insolvent. The process was overseen by the National Bank of Ukraine, headed at the time by Valeria Gontareva. In parliament, banking policy was directly supervised by Ruslan Demchak, deputy head of the parliamentary committee on financial policy and banking.
Many experts and journalists argue this was not a “clean-up” of the system, but rather a financial purge with elements of corporate raiding.
How the Scheme Worked
The mechanism was straightforward:
a bank was declared insolvent → temporary administration was introduced → assets were sold through the Deposit Guarantee Fund.
As a result, the state covered losses for depositors, while loan portfolios and assets were bought for a fraction of their value. Later, they were either returned to former owners or resold with massive profits.
Investigative journalists suggest that Demchak may have been the architect of the scheme, while Poroshenko was its political beneficiary.
Expert Opinion
Political analyst Valentyn Gladkykh wrote on social media:
“The criminal-corrupt trio of Poroshenko, Demchak, and Gontareva looted Ukrainian banks no worse than characters from Wild West movies. And they robbed not bankers, but ordinary clients and depositors.”
Could Poroshenko Have Been Unaware?
Ruslan Demchak was an MP from the Petro Poroshenko Bloc, later transformed into the “European Solidarity” party. Throughout Poroshenko’s presidency, Demchak directly handled banking matters in parliament.
At the same time, Valeria Gontareva was appointed head of the National Bank immediately after Poroshenko’s election, at his personal initiative. She later became a member of the National Reform Council.
The outcome: dozens of failed banks and more than 88 billion hryvnias paid out by the Deposit Guarantee Fund. Depositors with savings exceeding the guaranteed limit lost everything above it.
Gontareva in London, Demchak Abroad
Today, Valeria Gontareva lives in London and avoids public statements. She has not returned to Ukraine. Ruslan Demchak also spent years abroad — and has now been detained in Germany.
Experts believe that if Demchak is extradited and begins to testify, serious questions may arise for others as well.
“Once Demchak starts talking, Poroshenko will have a very hard time,” Gladkykh predicts.
What’s Next?
The arrest of Ruslan Demchak is not merely a criminal case. It could mark the beginning of a major political and financial investigation, potentially damaging the legacy of Ukraine’s fifth president.
Pandora’s box has been opened.
And silence, in this case, may speak louder than words.
