It is commonplace to describe Ukraine as a country that is still dominated by a small circle of oligarchs capable of exerting their influence throughout the political and commercial realm. This is based on the mistaken assumption that, because President Petro Poroshenko was considered a small oligarch, he would never attempt to reduce the power and influence of those oligarchs more powerful than him.

This assumption is wrong. Much has changed since the 2013-2014 Euromaidan Revolution, with the biggest being that the once cosy relationship oligarchs enjoyed with the serving President no longer exists.

President Poroshenko is not on the current Forbes list of billionaires - his wealth has more than halved from $1.6 billion (2014) to $589 million (2017). This is the first time a Ukrainian president is not overtly seen to be financially gaining from his position of power. Traditionally, Ukrainian presidents leave office far wealthier than when they were elected.

Not only is the President not directly amassing financial interests whilst serving in office, but the age-old oligarch-President nexus in Ukraine appears to have lost significant lustre. This is particularly evident with the country’s largest business names, including Rinat Akhmetov, Dmytro Firtash, Viktor Pinchuk, and Ihor Kolomoysky.