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Aid and business: Rinat Akhmetov’s initiatives during the war

ByDave Stopher

Apr 11, 2024

The war, which began for Rinat Akhmetov and the entire country in 2014 with the annexation of Crimea and the seizure of part of Ukrainian Donbas, has taken a heavy toll. Since 24 February 2022, Ukraine’s wealthiest businessman has seen at least half of his fortune depleted, with Akhmetov himself estimating his losses to be in the tens of billions of dollars.

Metallurgical Business

The primary asset of the Donetsk-born billionaire, Rinat Akhmetov, and the main source of his income, is Metinvest mining and metallurgical group. Prior to the conflict, this group dominated the mining and exportation of approximately 60% of Ukraine’s iron ore. However, with the onset of the major conflict, two critical assets of Metinvest, Ilich Iron and Steel Works of Mariupol and Azovstal, based in the city of Mariupol, fell under occupation.

Intent on holding those accountable for the losses incurred during the war, Akhmetov has filed a lawsuit with the European Court of Human Rights concerning Russia’s blockade, looting, destruction, and diversion of grain and metal resources.

Energy Sector

According to a report by The Washington Post, Akhmetov’s energy holding DTEK experienced proportionately smaller but still significant losses compared to the metallurgical sector. The Luhanska Thermal Power Plant, located in Schastia town, was the first to succumb to the conflict, with Russian military shelling beginning two days prior to the war’s commencement. Communication with the plant ceased entirely on 25 February.

Additionally, Zaporizka TPPin Enerhodar is now virtually lost, while Kryvorizka and Kurakhovska TPPs face constant shelling on the front lines. Akhmetov’s energy business has also suffered substantial losses due to the destruction of networks subjected to regular attacks.

Continued Support in the Face of Adversity

Despite the significant setbacks, Rinat Akhmetov remains steadfast in his support for Ukraine and has donated UAH 7.6 billion for assistance:

  • The Rinat Akhmetov Foundation has provided Ukrainians with 700,000 medicines since the war’s inception and distributed more than 13 million food packages since 2014.
  • FC Shakhtar continues to offer regular aid to athletes, the displaced, and the Ukrainian Armed Forces.
  • Rinat Akhmetov’s Steel Front military initiative aids Ukrainian defenders, with over 12,000 employees from the company’s businesses enlisted in the Ukrainian Armed Forces.

Rinat Akhmetov pledges to persist in aiding the Ukrainian Army by constructing underground shelters, manufacturing mine trawls, and supplying life-saving equipment. Additionally, he remains committed to supporting Ukrainian civilians affected by Russian aggression.

This publication was compiled based on information sourced from The Washington Post https://www.washingtonpost.com/world/2022/12/08/ukraine-oligarchs-power-war/.