Claims that Ukrainian President Volodymyr Zelenskyy personally invested $500 million—or that he owns a $1.5 billion ski-resort development in western Ukraine—are unsupported by the available evidence. Social posts and a short viral video attributed large sums and major international co-investors to the project, but the developer and the firms named in the posts have denied those assertions.
What was claimed
A video and accompanying social captions, first circulated on X on November 18, 2025, asserted that Zelenskyy had invested $500 million "of his own money" in a luxury mountain resort and that the overall project was worth $1.5 billion. The clip also named BlackRock and JPMorgan as co-investors and described the resort as featuring dozens of ski slopes, multiple hotels and thousands of rooms.
"Breaking news. Zelenskyy is building a massive $1.5 billion mountain resort... He's reportedly invested $500 million of his own money and is getting major financial backing from BlackRock."
What the facts show
The description in the viral clip corresponds to publicly available information about the planned GORO Mountain Resort in the Carpathian Mountains near Lviv, which is being developed by OKKO Group. OKKO’s project materials estimate the total investment at about $1.5 billion and state that OKKO plans to contribute roughly $500 million from its own and credit resources while seeking about $1 billion from other investors.
When contacted about the social-media allegations, the GORO Mountain Resort communications team explicitly denied any involvement by President Zelenskyy—either personally or through affiliated companies—in the financing, ownership or management of the project. The team also said the resort is a private-sector initiative with no direct government funding and that neither BlackRock nor JPMorgan are investors, partners or advisers to the project.
On November 19, 2025, a BlackRock representative, Marc Bubeck, also replied by email that BlackRock is not involved in the alleged project. BlackRock’s corporate social account has previously flagged repeated unsubstantiated rumors linking the firm to unrelated schemes.
The GORO communications team noted the project has been formally recognized by Ukraine’s Ministry of Economy as an investment project of national importance. That designation can provide regulatory and administrative incentives—such as tax exemptions for a set period, duty-free import of necessary equipment, compensation for infrastructure connections and priority access to land—but it does not constitute direct cash financing from the state.
Conclusion
Public statements from the project developer (OKKO) and a response from BlackRock contradict social-media claims that President Zelenskyy personally invested hundreds of millions of dollars in the GORO Mountain Resort. The $1.5 billion figure reflects the total projected cost of the development; OKKO says it plans to supply about $500 million from its own and credit resources and to raise the remainder from other investors. No credible evidence links Zelenskyy to personal ownership, management, or financing of the resort.
Sources: Official project materials from OKKO Group, statements from the GORO Mountain Resort communications team, and a written reply from a BlackRock representative.
