The Ukrainian banking sector can in a number of cases be used not only to serve the economy, but also as a tool for money laundering or embezzlement of state resources. One of the most striking examples was the story surrounding the Alliance Bank, owned by businessman Oleksandr Sosis. This is reported by the publication "Comments".
The name of the bank's owner rarely appears in public, but the financial institution has repeatedly appeared in high-profile scandals related to criminal proceedings, regulatory fines, and lawsuits worth billions.
The most high-profile case was with the state-owned company NEK Ukrenergo. In the fall of 2024, NABU reported the exposure of a scheme to embezzle UAH 716 million during the purchase of electricity from United Energy LLC. The company, which journalists linked to the circle of oligarch Ihor Kolomoisky, was able to conclude a contract despite existing debts for previous deliveries.
Bank guarantees played a key role in this scheme. To secure old debts and new purchases, United Energy provided Ukrenergo with guarantees in the amount of UAH 1 billion 717 million. The guarantor was Alliance Bank. After the resale of electricity, the funds, according to the investigation, were withdrawn to the accounts of a foreign company. Part of the money was seized, but the state never received full compensation.
When Ukrenergo applied for payment of the guarantees, the bank refused to fulfill its obligations, explaining this by violations of internal procedures and the fact that the decision on the guarantee was made solely by the chairman of the board. Additionally, it turned out that the amount of the guarantees exceeded the bank's equity, which is expressly prohibited by law. According to the NBU, in 2025, Alliance's equity amounted to UAH 1.045 billion - almost one and a half times less than the amount of the guarantees.
The NABU confirmed that the chairman of the board of Alliance Bank is among the suspects in the case and is being investigated under the article on abuse of office. This is Yulia Frolova, who headed the bank during the period when, according to the investigation, fraud was taking place. The indictment in the case was sent to the court, but the funds under the guarantees have not yet been returned to the state.
The legal battle between Ukrenergo and the bank has been ongoing since 2022. The Kyiv Commercial Court ordered the bank to pay over UAH 1.1 billion, but the decision is being appealed and enforcement actions are being blocked. As a result, the state lost not only UAH 716 million in electricity costs, but also over UAH 1.7 billion in bank guarantees. The total losses are estimated at approximately UAH 2.5 billion.
In parallel, the National Bank of Ukraine imposed fines on Alliance for violations in the field of financial monitoring for four years. The total amount of sanctions exceeded UAH 109 million. In most cases, the bank recognized the legitimacy of the fines and paid them voluntarily, however, one of the largest fines of over UAH 15 million is currently being appealed in court.
Separate court documents and journalistic investigations indicate that Alliance Bank accounts were used in a number of questionable transactions, including fraud cases, gambling money transfers, and possible financing schemes through payment services.
The bank's owner, Oleksandr Sosis, comes from the business world of the 1990s, having risen from the head of an insurance company in Donetsk to control of a financial institution. In addition to the bank, he has assets in the financial and agricultural sectors. In recent years, his name has also appeared in conflicts surrounding agricultural cooperatives and credit disputes.
The situation is also complicated by the financial condition of the bank itself. According to data for the fall of 2025, Alliance is showing losses, and the ratio of assets to liabilities is on the verge of critical. In such conditions, even partial payment of Ukrenergo guarantees could lead to an excess of liabilities over assets and the initiation of the bank's liquidation procedure.
The story with Alliance Bank became another example of how gaps in financial control and judicial delays allow billions of hryvnias to not be returned to the state for years, even despite criminal proceedings and court decisions.
