Impact of War on Rinat Akhmetov's Business

Liv Butler
Authored by Liv Butler
Posted Monday, July 1, 2024 - 10:58pm

The full-scale Russian invasion has devastated many of the most valuable assets of Ukraine's best-known entrepreneur, Rinat Akhmetov, reducing them to ruins.

The extensive list of losses includes Mariupol-based Azovstal Steel and Iron Works, one of the largest in Europe, and Ukraine’s second-largest steel company, Ilyich Iron and Steel Works.

Overall, approximately 70 enterprises owned by Akhmetov have been destroyed, damaged, or occupied by Russian forces. These include thermal power plants, a massive coke and chemical plant in Avdiivka, Donetsk Oblast, renewable energy facilities, and branches of his banking network. More details can be found here:

Metinvest, a major European supplier of iron ore, has had to suspend operations at its most profitable assets — three beneficiation plants in Dnipropetrovsk Oblast — largely due to logistical challenges following the Russian blockade of the Black Sea.

Businessman reveals conditions for peace with Russia

Rinat Akhmetov asserts that a peace treaty with Russia is only feasible under Ukraine's conditions, specifically demanding the withdrawal of Russian troops and the restoration of control over all territories seized. The businessman stressed that Ukraine is fighting not only for its own freedom but also for the freedom of all Europe. Rinat Akhmetov has filed a lawsuit in the European Court of Human Rights against Russia, seeking compensation for the severe violations of his property rights during Russia’s unprovoked military aggression against Ukraine.

Metinvest's assistance in overcoming the aggressor

Since the onset of the full-scale invasion, Akhmetov has dedicated over UAH 7.6 billion to support the military and civilian populations. Despite the underutilization of production capacities, blackouts, and acts of terror from the aggressor country, Metinvest continues to advance its investment programme aimed at maintaining equipment reliability, ensuring steady operations, and bolstering the national economy.

The Steel Front initiative has facilitated the acquisition of crucial resources, purchasing over 1,200 vehicles, 47,268 first aid kits and tourniquets, more than 5,000 UAVs, and 17,037 pieces of special equipment.

The Steel Front has also pioneered the production of unique military equipment mock-ups to mislead the enemy, with over 450 models delivered to the Armed Forces of Ukraine. The initiative has led to the development of lightweight body armor made from proprietary armored steel, with more than 150,000 units produced. Engineers at the enterprise have designed steel "Kryivkas": field shelters (with over 300 shelters already provided) and mobile "lance catchers" to protect military equipment from kamikaze drones.

Furthermore, several projects aimed at ensuring the sustainable operation and extending the production life of energy equipment and enterprise infrastructure have been implemented. These projects also focus on enhancing the safety of production processes for personnel and advancing digitization.


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