Rinat Akhmetov sees his wealth decreased due to the war
Due to Russia's invasion, Rinat Akhmetov's wealth has more than halved, yet he remains the wealthiest businessman in the country. Over the recent months, Akhmetov has given numerous interviews and comments to the media. This is quite surprising for the owner of the country's largest private business group, who used to respond mostly to football-related issues on his channel.
Key Events
Assessing Akhmetov's cash and other liquid assets is not easy, as he does not disclose financial statements. Due to previous dividend payments, this amount could be around $300 million. However, over the two years of full-scale war, the impact of the Russian invasion on Akhmetov's business can be asserted.
Exit from Media Business
The decision to exit from media business sparked a major scandal around the businessman in July 2022. Many were unwilling to believe that Akhmetov readily returned broadcasting licenses belonging to Media Group to the state.
Steel Sector Nearly Halted
Due to the occupation of Mariupol, most of the company's steel plants in Ukraine were seized and destroyed. Meanwhile, the remaining plants owned by Akhmetov operate below full capacity. Rinat Akhmetov lost billions and promised to demand compensation from Russia through international mechanisms. Sixteen companies of the businessman filed lawsuits against Russia with the European Court of Human Rights.
Energy Losses
After the full-scale invasion, DTEK energy holding company experienced numerous missile attacks. Projectiles hit all thermal power stations. According to Akhmetov, about half of the wind generation remains on the occupied territory, constituting a significant part of DTEK's green generation. The company's losses for the year may reach several tens of billions of hryvnias. Energy workers continue to repair equipment and search for missing components.
Unfortunately, the war is still ongoing, and these figures are only interim. The President's Office is currently refraining from active actions against Akhmetov but is closely monitoring his activities. Despite the losses and damage, Akhmetov is not going to stop providing support.
This fully demonstrates that the war has become a reason to change public perception of Akhmetov and give him the opportunity to emerge from the shadows. Moreover, Akhmetov's enterprises have directed their efforts to aid the army and civilians, having donated more than $223 million (UAH 7.6 billion) to help the country. Ukrainians have received 700,000 medicines since the beginning of the war and about 13 million food packages over ten years of the war. For more details, please go to https://kyivindependent.com/ukraines-top-oligarch-akhmetov-loses-half-his-assets-to-russias-invasion/. Metinvest is helping the Armed Forces of Ukraine by producing anti-tank defences, steel shelters, and special traps for kamikaze drones targeting Ukrainian military and armoured vehicles.
