The Supreme Court of the United Kingdom has refused Igor Kolomoisky and Gennadiy Bogolyubov permission to further appeal a ruling ordering them to pay over $3 billion to state-owned PrivatBank. This ends the appeal process in UK courts and allows the bank to continue enforced collection of funds from the former owners.
PrivatBank’s press service reported this on November 4. The relevant decisions are also published on the official website of the UK Supreme Court.
According to the case files for Kolomoisky and Bogolyubov, the court refused permission to appeal on October 29. The information about the rulings in both proceedings was updated on November 3.
British judges concluded that the former shareholders’ applications do not raise points of law of general public importance that would require consideration by the Supreme Court.
Thus, the lower courts’ decisions remain in force. PrivatBank is now able to continue measures to recover the awarded compensation without further appeal of this decision in the UK Supreme Court.
As a reminder, on July 30, 2025, the High Court of England and Wales found Kolomoisky and Bogolyubov liable for large-scale fraud against PrivatBank.
As follows from the published court ruling, the case concerned transactions in 2013-2014, during which bank funds were siphoned off through lending to companies associated with the former shareholders.
On November 10, 2025, the court determined the amount of compensation. The principal amount of damages was approximately $1.762 billion, accrued interest — $1.19 billion, and an interim payment for legal costs — £76.4 million, or about $99.6 million.
In total, the amount awarded exceeded $3 billion. Additional interest continues to accrue on the unpaid debt pursuant to the court order.
Kolomoisky and Bogolyubov attempted to overturn the ruling, in particular claiming that the illegally withdrawn funds had been repaid to the bank. However, on May 22, 2026, the Court of Appeal of England and Wales dismissed their appeals, upholding the first-instance findings.
Now the final stage of appeal in the UK Supreme Court has concluded.
At the same time, this does not mean that PrivatBank has already received the awarded funds. The bank began enforcement proceedings in late November 2025 after the former owners failed to pay within the court-ordered deadline.
As PrivatBank explained, collection may be carried out not only in the UK but also in other countries, including Ukraine, in accordance with the legislation of each jurisdiction.
This may require recognition and enforcement of the UK court ruling through local procedures. The respondents’ assets are subject to a worldwide freezing order since December 2017.
PrivatBank stated that it welcomes the UK Supreme Court’s decision and will continue to work to enforce the court ruling to recover the damages caused.
Source: PrivatBank, UK Supreme Court – Kolomoisky case, UK Supreme Court – Bogolyubov case, Court of Appeal of England and Wales
