On Sunday, July 12, President Volodymyr Zelenskyy announced a complete reshuffle of the Cabinet of Ministers as part of Ukraine’s “new political strategy.” As early as Tuesday, July 14, the Verkhovna Rada voted to accept the resignation of Prime Minister Yulia Svyrydenko. She had served in this position for less than a year. According to numerous sources, her successor will be Serhiy Koretskyi—a former businessman and later a top government executive who has headed the country’s largest energy companies in recent years. Koretsky, incidentally, is already holding meetings with factions in the Verkhovna Rada in his capacity as the future prime minister. So, by all accounts, his official appointment is a matter of the coming days.
But who exactly is Serhiy Koretskyi, what is he known for, what is his relationship with the government, and what can we expect from him as prime minister? UA.News looked into the matter.
From a security guard in Lutsk to big business
Serhiy Fedorovych Koretskyi was born on March 14, 1978, in Lutsk. His parents divorced early on, so he was forced to start working while still in college. He earned his higher education at Lutsk State Technical University: in 2001, he graduated with a degree in mechanical engineering, and in 2005, he earned a degree in business administration. He later studied at the Ivano-Frankivsk National Technical University of Oil and Gas and completed an Executive MBA program at the Kyiv-Mohyla Business School.
Koretskyi began his professional career in the late 1990s at the “Kontinium” group of companies, founded by entrepreneurs Igor Yeremeyev and Stepan Ivakhiv. Interestingly, his first job was as… a regular security guard. Eventually, however, he approached the HR department and asked them to find him a different position.
At the age of 19, he began handling accounting documents at the company. He eventually worked his way up from analyst to CEO.
In 2002, Koretskyi took the helm of the Ukrainian-British joint venture “Western Oil Group.” An interesting fact: the future (most likely) prime minister also had some involvement in politics. Over the years, he served as a volunteer assistant to members of parliament: first to Ihor Yeremeyev (2002–2006) and later to Kateryna Vashchuk (2007–2012). In 2006, Koretsky even ran for the Verkhovna Rada and the Volyn Regional Council as a candidate for Lytvyn’s People’s Bloc—unsuccessfully both times.
In 2007, Koretsky became CEO of the holding company of the “Kontinium” Group. He is currently 48 years old, married to Iryna Koretska (a businesswoman), and has children. He tries to keep his personal life private, citing his right to privacy. However, there is information online that Koretsky has an adult daughter named Ulyana Klymyuk. She is also involved in business.
Business Activities: WOG, Coffee, and Energy Trading
One of the most notable stages of Koretsky’s business career was his work at the well-known WOG gas station chain. From 2013 to 2018, he served as CEO and junior partner of this chain, which is owned by the “Kontinium” group. Under his leadership, WOG expanded significantly: new business models were introduced, including the launch of coffee shops outside of gas stations. It was then, incidentally, that the company launched the famous WOG CAFE with those same delicious hot dogs on Intercity high-speed trains.
In the fall of 2018, Koretsky left WOG, noting that he planned to develop his own projects. And in 2019, he founded the coffee company Idealist Coffee Co.—a brand with a full production cycle and its own network of branded coffee shops. As of 2025, there were 10 such locations operating in Kyiv, and since 2022, Idealist products have been supplied to Ukrzaliznytsia trains. Koretsky stepped down as a beneficiary of the coffee business at the end of 2021.
In addition, from 2019 to 2022, he was a co-founder and chairman of the board of the energy trading company Centurion Group SA in Switzerland. He also founded the gas and electricity trading company “Fortex Energy” (2017) and was the owner of “Saneko Group” (electricity production).
Koretsky’s Financial Disclosure: Assets and Income of the Future Prime Minister
The Koretsky family is very wealthy, not only by Ukrainian standards but also by global standards.
According to his 2025 electronic declaration, Serhiy Koretskyi’s total declared income exceeded 32 million UAH. The bulk of this was salary totaling over 28.6 million UAH (before taxes). He received these funds from four sources: 14.4 million UAH from NJSC “Naftogaz of Ukraine” (for the period from May 14 to the end of the year), 8.5 million UAH from PJSC “Ukrnafta” (prior to his transfer in May), 5.7 million UAH from PJSC “UkrTatNafta” (as a side job, until May), and 6,000 UAH from the “Zamok na Pankivskyi” Homeowners’ Association.
In addition to his salary, Koretskyy receives passive income from his own retail brands. Royalties from Saneko Trade LLC totaled 1.36 million UAH, and from Saneko Retail LLC—an additional 960,000 UAH. He also reported bank interest from Oschadbank (19,1 thousand UAH) and Tascombank (34 UAH).
Koretskyi remains the owner of 19.93% of Molprom-Reserve LLC (59,800 UAH), as well as 100% of two Cypriot companies—Unigo Holdings Limited (19,200 UAH) and Sungroup Invest (Cyprus) Ltd (21,1 thousand UAH).
Koretsky holds 6 million UAH, $485,3 thousand, €31,6 thousand, and 838 pounds sterling in bank accounts in Ukraine. In addition, he has three accounts at European banks: at the Swiss bank Cite Gestion—with $157,7 thousand—and at the Spanish banks Banco Santander (€467 thousand) and CaixaBank (€29,3 thousand). Koretskyi holds €1.1 million and $275,000 in cash.
In addition to significant financial assets, the top executive’s declaration lists luxury property. Specifically, 10 luxury watches (Breguet, Rolex, Patek Philippe, Ulysse Nardin, Opus), 12 pieces of jewelry from Cartier, Tiffany, and Van Cleef & Arpels, as well as 6 handbags from luxury brands Chanel, Hermès, and Chopard. The Koretsky couple owns 17 plots of land but rents their residence.
His wife, Iryna Koretska, declared an income of approximately 4.9 million UAH, of which 3.2 million UAH came from self-employment. She is the owner or co-owner of three Ukrainian companies: Forteks Energy LLC, Molprom-Reserve LLC, and Nova Coffee Culture LLC.
Of particular note is the fact that in 2025, Koretsky provided over $2.2 million and more than 52 million hryvnias in repayable financial assistance (i.e., a loan) to his daughter’s companies.
Public Service in the Energy Sector: From “Ukrnafta” to “Naftogaz”
In the fall of 2022, Serhiy Koretskyi was appointed director of “Ukrnafta” and “UkrTatNafta” after these companies, along with several other strategic enterprises, came under the control of the Ministry of Defense. These two companies were the most valuable of the divested assets that had belonged to the “Privat” Group owned by Ihor Kolomoyskyi and Hennadiy Boholyubov.
Koretsky’s performance was quite successful. Under his leadership, Ukrnafta went from operating at a loss to posting record profits. Over two years, the company generated more than 40 billion hryvnia in net profit, paid over 70 billion hryvnia in taxes and fees, and distributed record dividends, among other achievements. The company also managed to increase oil and gas production, carry out nearly 60,000 meters of new drilling, and perform hundreds of well workovers, major well repairs, and hydraulic fracturing operations.
As early as the spring of 2025, Naftogaz’s supervisory board elected Koretsky as chairman of the board of NJSC Naftogaz of Ukraine. Some experts believe that it was Koretsky who led Naftogaz out of its long-standing crisis. However, there is also a completely opposite view: that his leadership has led to new problems within the company.
Proximity to Power: A Member of “The Family”
Koretsky is considered to be extremely close to the president and his inner circle. And this is no coincidence: in the Ukrainian political system, the heads of the largest state-owned energy companies are appointed exclusively from among “their own” people—those who are as close to the government as possible and are fully controlled by it. People “from the street” do not get such positions.
According to some journalistic investigations, Koretsky is linked to the so-called “Family” (the inner circle of the President of Ukraine). Some sources in the media and among members of parliament refer to him as “Mindich’s protégé” and claim that it was this very group of people that brought Koretsky into the game in late 2022, entrusting him with the management of important state assets.
Recently, the president has been frequently mentioned on Koretsky’s social media accounts. In particular, Koretsky was part of the Ukrainian delegation at the NATO summit in Ankara in early July 2026. According to sources within the Ukrainian delegation, he was presented there as the future prime minister. He was also personally present at the meeting between Zelenskyy and Trump.
The head of state himself has already publicly thanked Koretsky “for his effective work at the helm of Ukraine’s strategic state-owned companies.”
What to Expect from Koretsky as Prime Minister
Officially, Koretskyi states that as prime minister, he will focus on preparing for winter and supporting the Ministry of Defense. He also wants to restore the Ministry of Agrarian Policy to full functionality and address the “mental and psychological health of Ukrainians,” whatever that may mean. The official has already outlined the challenges facing the future government in broad terms, but has not yet made any specific policy statements.
However, the key thing expected of him is—in fact—nothing radically new. In an in-depth article on the Cabinet’s resignation, UA.News noted that what is currently taking place is simply the replacement of one controlled government leader with another. Koretsky is considered a fully controllable and loyal figure, a technocratic manager without any particular ambitions. He did not seek the prime minister’s seat—it was offered to him by the president, and, according to media reports, this came as a surprise to Koretsky.
This is seen as a continuation of the current policy of ensuring that the Cabinet consists of people who are as faceless as possible, without any particular ambitions or ideas—in effect, mere functionaries who carry out the will of the country’s political center. Koretsky fits these requirements perfectly: he is described as an apolitical, competent, and technocratic manager. If the Rada endorses his nomination, he could become the fourth head of government during Volodymyr Zelenskyy’s presidency.
In summary, Serhiy Koretsky is a classic representative of the new Ukrainian managerial elite: a business executive who rose from security guard to CEO of major state-owned companies. His career demonstrates his effectiveness in the oil, gas, and energy sectors. At the same time, he is an integral part of the system, as close as possible to the current administration—as evidenced by his attendance at the NATO summit in Ankara, public acknowledgments from the president, and possible ties to the head of state’s inner circle.
One should not expect systemic changes or revolutionary reforms from Koretskyi as prime minister. His upcoming appointment is more of a technical rotation—the replacement of one managed administrator with another. The system will function more or less the same way it did under Svyrydenko, Shmyhal, or their predecessors. The new prime minister’s main task is to ensure the stable functioning of the government amid the war, to prepare the country for winter as best as possible, and to carry out the will of the political center. And judging by his previous work, Koretsky is quite capable of handling these tasks.
