Zelenskyy Tasks Political Novice to Get Ukraine Through Winter

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Or sign-in if you have an account.Sergii Koretskyi Photographer: Andrew Kravchenko/Bloomberg Photo by Andrew Kravchenko /Bloomberg(Bloomberg) — President Volodymyr Zelenskyy is turning to a technocratic energy executive with no cabinet experience or political ties as his prime minister to prepare Ukraine to survive another winter of war.THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountSergii Koretskyi, 48, spent most of his nearly 30-year career working in the private sector, mainly for energy companies. He joined the public sector in 2022, the first year of Russia’s full-scale invasion of Ukraine, when he became chief executive officer of Ukrnafta, the country’s largest oil producer. His primary challenge will be to toughen Ukraine’s power and heating network to withstand the impact of Russian missile and drone attacks intended to demoralize the population and break its will to resist Kremlin demands for territorial concessions. Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againThe goal is to prevent a repeat of last winter’s extensive blackouts when Russian strikes left millions of Ukrainians in Kyiv and other major cities without heating, light or water supplies during periods of extreme cold weather. Russian President Vladimir Putin has ordered his forces to step up air attacks on Ukraine in recent weeks. Zelenskyy has appealed to allies for more air-defense missiles amid signs Ukraine lacks interceptors to defend against strikes. Ukraine’s parliament confirmed Koretskyi’s appointment to head the new government on Thursday in a debate largely overshadowed by controversy over Zelenskyy’s ouster of Mykhailo Fedorov as defense minister. Fedorov’s removal sparked protests in Kyiv and across the country.“The fact that Koretskyi is a novice in politics is actually an advantage for him at this stage,” said Oleksiy Haran, a political science professor at the Kyiv-Mohyla Academy. “He remains politically neutral, and the fact that he is unlikely to play political games is very important for the president.”The new premier has a track record as a successful crisis manager in business.Koretskyi took charge of Ukrnafta after the government, which already owned a 51% share, nationalized a more than 40% stake held by firms linked to Ukrainian oligarch Igor Kolomoisky. The company’s operations had long been disrupted by corporate disputes, and its assets in many parts of the country were in poor condition following repeated Russian airstrikes. Within two years, Koretskyi had turned Ukrnafta into a highly profitable enterprise.“Ukrnafta reported net income of about $1 billion” in 2023-2024, said Denys Sakva, an energy analyst at Kyiv-based investment bank Dragon Capital. “It was only marginally profitable or outright loss making before the full-scale war.”The company hasn’t disclosed details of its financial performance during wartime, making it difficult for analysts to study how the turnaround was achieved. In May last year, Koretskyi took charge of NJSC Naftogaz Ukrainy, the country’s largest state-run energy company. Introducing Koretskyi as the new CEO, the then Prime Minister Denys Shmyhal set five key priorities including ensuring sufficient gas reserves, restoring infrastructure damaged by Russian attacks and preparing for the winter heating season.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.“Last year, the company performed relatively smoothly,” Sakva said. He also pointed to Koretskyi’s success in raising financing from international institutions such as the European Bank for Reconstruction & Development, as well as from domestic lenders, and in restructuring the company’s bond issues.Throughout his career, Koretskyi has avoided any association with corruption allegations, which have plagued Ukraine’s energy sector. Former Naftogaz CEO Oleksiy Chernyshov and ex-Energy Minister German Galushchenko, for example, are currently suspects in Ukraine’s biggest wartime corruption case.Shmyhal was reappointed as energy minister and first deputy prime minister in the government shuffle, which means that he’ll be answering to Koretskyi on this winter’s priorities.“Koretskyi is one of the few people in the government with real hands-on experience in various areas and a proven track record of delivering results,” said Yaroslav Zheleznyak, an opposition lawmaker from the liberal Holos party. “He has strong integrity, solid professional expertise, and knows how to build relationships with people.”Ultimately, the key performance indicator for the new prime minister will be visible to everyone in Ukraine. Can he keep the power and heating on sufficiently to get Ukrainians through the coming wartime winter? “We made it through last winter thanks to courage, dedication, and professionalism,” Koretskyi told lawmakers at his confirmation. “I am fully aware that this winter could be even more challenging.”—With assistance from Thomas Hall.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.