Did President of Ukraine Volodymyr Zelenskyy invest $500 million or $1.5 billion "of his own money" in "a ski resort in Western Ukraine"? No, that's not true: Publicly known figures were misattributed. Talking to Lead Stories, the project's developer denied not only Zelenskyy's participation but also the presence of any direct government funding. Investment firm BlackRock, named in social media posts as one of the key investors, denied any involvement, too. Lead Stories found no credible sources linking Zelenskyy's personal money to the Ukrainian ski resort project.
The claim appeared in a post (archived here and here) published on X on November 18, 2025. It opened:
Zelenskyy invests $500 million 'of his own money'! In a ski resort in Western Ukraine . Where do you think this has come from? His co- investors are 'surprise surprise' Blackrock and JP Morgan.
A banner seen in the first frame of the 1-minute video shared in the post read:
Zelensky's Building a $1.5 Billion Ski Resort.
This is what the thumbnail from the clip looked like on X at the time of writing:
(Source: Lead Stories screenshot of post at x.com/ABridgen)
The voice-over in the video narrated:
Breaking news. Zelenskyy is building a massive $1.5 billion mountain resort, and yes, the rumors are true. The resort will feature 41 ski slopes, 25 hotels and over 5000 rooms. Construction started last October, and new reports confirm it's being funded by one of Zelenskyy's own companies. He's reportedly invested $500 million of his own money and is getting major financial backing from BlackRock. This project is part of BlackRock and JP Morgan's $15 billion investment plan for Ukraine. A chunk of that money is going into this luxury resort, complete with state-of-the-art gondolas, ski lifts and facilities that will double as a summer hiking and adventure park. To put things in perspective, $1.5 billion is roughly what Ukraine receives every month in foreign aid. Yet, Zelenskyy is personally pouring in half a billion dollars of his own. So the big question is, where did that money come from? Zelenskyy, along with two of the world's biggest financial giants, BlackRock and JP Morgan, will be in full control of this project. Next time Zelensky asks for more aid money, maybe someone should ask.
On November 19, 2025, however, BlackRock representative Marc Bubeck told Lead Stories via email:
The claim that BlackRock is involved in this alleged project is false.
On the company's corporate account on X (archived here), BlackRock additionally pointed out that it was not the first time the same account on X spread unsubstantiated rumors about the firm.
The description of the project from the post on X, reviewed in this fact check, appeared to match the description of GORO Mountain Resort (archived here), which is planned to be completed over the course of 15 years in the Carpathian Mountains near the city of Lviv in Western Ukraine.
The future resort is being developed by OKKO Group, whose website (archived here) clearly reads:
The total investment in GORO Mountain Resort is estimated about $1.5 billion. Of this amount, OKKO Group plans to invest $500 million from its own and credit funds, and another $1 billion will be raised from other investors.
OKKO Group in GORO Mountain Resort acts as the sole owner, major investor, master developer, developer and operator to ensure the harmonious development and holistic concept of the all-season recreational project.
On November 19, 2025, the GORO Mountain Resort communication team replied to a Lead Stories inquiry via email, refuting the claim. It read:
President Volodymyr Zelenskyy is not involved, either personally or through any affiliated company, in the financing, ownership, or management of the GORO Mountain Resort Project. Furthermore, this is a fully private-sector initiative and is not funded by the Ukrainian government.Claims regarding the involvement of BlackRock or JP Morgan are false. These institutions are not investors, partners, or advisors to the GORO in any form.
While no direct government funding is involved, the status offers access to several institutional support mechanisms. The state program for supporting projects with significant investments provides for exemption from corporate income tax for 5 years after the project launch, duty-free import of new equipment necessary for implementation, compensation for connection to engineering infrastructure, and priority access to land plots required for the project. This is not financial support, but rather official recognition of the project's strategic value to the regional economy and national tourism development.
