By James Sutherland on SwimSwam
International Swimming League (ISL) Founder and financer Konstantin Grigorishin is in hot water in his home country.
According to Ukrainian media outlet Glavcom, Grigorishin has been formally accused of large-scale embezzlement and added to Ukraine’s Ministry of Internal Affairs wanted list.
The 60-year-old was sanctioned last January, with all of his assets being frozen and nationalized by the Ukrainian National Security and Defense Council and President Volodymyr Zelenskyy, and now, he’s being actively looked for after being charged in absentia.
Grigorishin’s photo was placed in the “Persons hiding from pre-trial investigation bodies” section of the Ministry of Internal Affairs. His “disappearance date”—when the authorities determined he could no longer be located—is listed as February 25, 2026.
The development casts further doubt on the future of the ISL, which Commissioner Ben Allen said was aiming for a comeback four months ago.
In December 2025, Allen said in an ideal scenario, the league would relaunch in the fall of 2026, and if that didn’t happen, in 2027.
Now, given the latest news on Grigorishin, an ISL return seems increasingly unlikely.
However, Allen said the ISL will be looking towards a new business model in its relaunch, focused more on sponsorship and media partnerships rather than relying on a single backer.
The ISL has been out of action since 2021, having canceled its fourth season in March 2022 due to effects from both the COVID-19 pandemic and the Russian invasion of Ukraine.
After the war broke out between Russia and Ukraine, Grigorishin initially said that it wouldn’t impact funding of future seasons of the league, though ultimately it was blamed for the lack of owed payments and the discontinuation of the ISL.
His January 2025 sanctions prevent him from transferring capital abroad, doing business in the country, and travelling across Ukrainian territory. In 2022, one company owned by Grigorishin, Zaporozhtransformator, was nationalized.
Grigorishin’s wealth is largely tied to the Ukrainian economy, and in some regards to the relationship between Russia and Ukraine: in 2014, he helped negotiate a deal to import coal and electricity from Russia to Ukraine.
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