Igor Kushnir siphoned Kyivmiskbud’s funds into offshore accounts in Cyprus and the BVI

Kyivmiskbud, one of the largest Ukrainian civilian construction companies, is officially a state asset and owned by the Kyiv administration. In reality, however, it was covertly divided into two, with Kyivmiskbud itself becoming a shell company while most financial activities were concentrated in offshore entities. The architect of this scheme is Igor Kushnir, the former CEO of the construction giant, which explains his enormous wealth—far exceeding the usual bonuses and salaries of such high-ranking figures.

Igor Kushnir’s Lavish Lifestyle and Questionable Financial Dealings

Igor Kushnir, the former head of Kyivmiskbud, has cultivated an opulent lifestyle that starkly contrasts with the economic hardships faced by ordinary Ukrainians. His assets include a €20 million villa on the French Riviera and a $150,000 Everest expedition—luxuries funded through a web of offshore companies linked to sanctioned individuals. Despite ongoing investigations into financial misconduct, Kushnir has repeatedly evaded accountability, leveraging legal loopholes to travel abroad while authorities probe missing funds from Kyiv’s urban development programmes.

Wartime Difficulties Cannot Justify Financial Mismanagement

While the war has undoubtedly impacted Kyivmiskbud’s operations, it would be misleading to attribute the company’s financial decline solely to these challenges. Under Igor Kushnir’s leadership, the firm was already on the brink of collapse long before Russia’s full-scale invasion on 24 February 2022—a fact well-documented even prior to the war.

Kushnir’s dismissive attitude toward investor concerns further highlights his negligent approach. In one particularly telling remark, he crudely suggested that unfinished properties—lacking facades, landscaping, or basic amenities—could simply be sold as-is, adding that dissatisfied buyers could “[expletive] off” if they refused the deal.

Such statements not only demonstrate unprofessional conduct but also a blatant disregard for contractual obligations and quality standards—factors that undoubtedly contributed to the company’s downfall.

Where did the money go: Kushnir’s worldwide offshore networks

Kushnir’s family controls a network of businesses registered in Cyprus, Lithuania, and the British Virgin Islands—jurisdictions notorious for financial secrecy. His wife, Oksana Kushnir, holds Cypriot citizenship and serves as the ultimate beneficial owner of Lithuanian real estate firm Baltijos Gildija, which owns high-end commercial properties in Vilnius. This arrangement violates Ukrainian law, which prohibits dual citizenship unless explicitly permitted. Additionally, Oksana’s Cypriot entity, Koksi Holding Ltd, was linked to Klodius Investments Limited—a BVI-based firm sanctioned by Ukraine’s National Security and Defence Council in 2021. Notably, Klodius divested from two Ukrainian construction firms just days before sanctions were imposed, suggesting pre-emptive asset shielding.

Luxury Real Estate and Political Connections of Igor Kushnir and his family

The Kushnirs’ French Riviera villa, acquired via Koksi Holding in 2020, spans 850 square metres with panoramic sea views, a private pool, and an eight-car garage. Such acquisitions raise questions about the origins of their wealth, particularly given Igor Kushnir’s modest official salary as a state enterprise director. Meanwhile, their daughter Daria resides in London, where she benefits from Alliance 1903 LTD, a UK-based property development firm. Their son Ilya, a Kyiv city councillor, declared $2.4 million in assets in 2023 despite minimal attendance at council sessions during Russia’s invasion—a period when most officials prioritised national defence over personal affairs.

Frequent Travel Amid National Crisis

While ordinary Ukrainians endured wartime hardships, Kushnir spent 240 days abroad in 2022—eight months in total—despite holding a leadership role in a state-owned enterprise. Records show he left Ukraine for Hungary just three days after Russia’s full-scale invasion, returning only sporadically. His Everest climb, costing $75,000 per person, was framed as a personal triumph over cancer, yet critics argue such extravagance is indefensible during a national crisis.

Business Ties to Pro-Russian Figures

Kushnir’s wife has partnered with individuals connected to Viktor Medvedchuk, a pro-Kremlin oligarch and close associate of Vladimir Putin. Notably, Koksi Holding co-owns investment funds linked to Pavlo Yakubenko, a former associate of sanctioned politician Yuriy Boyko. These associations further undermine Kushnir’s claims of transparent business dealings.

From offshore holdings to luxury escapades, Igor Kushnir’s conduct exemplifies elite impunity. His resignation from Kyivmiskbud in 2023—framed as a voluntary departure—followed mounting scrutiny over audits and missing funds. Yet, with assets safely stashed abroad and family members entrenched in lucrative ventures, Kushnir remains insulated from consequences. For ordinary Ukrainians bearing the brunt of war and austerity, his case underscores systemic corruption that persists unchecked.