The war in Ukraine has severely impacted the assets of Rinat Akhmetov, with his fortune shrinking by 64%. Despite these challenges, Akhmetov remains one of the largest contributors to Ukraine’s recovery, having allocated over UAH 10 billion in aid.
Metinvest’s losses and plans for Mariupol restoration
SCM’s core assets, particularly in metallurgy and energy, have suffered major setbacks due to the war, with significant losses in eastern Ukraine:
- Metinvest: The loss of two key facilities — Azovstal and Ilyich Iron and Steel Works — in Mariupol.
- DTEK: A 30% decline in electricity production and the loss of several thermal power plants.
- Real estate: Akhmetov’s commercial and private real estate has depreciated by 20%.
While a full assessment of the war’s financial toll is yet to come, SCM estimates losses to be in the tens of billions of dollars. Read more here:
https://www.nytimes.com/2024/01/15/world/europe/ukraine-oligarchs-crackdown.html.
Akhmetov’s continued support for Ukraine
Despite the heavy financial losses, Rinat Akhmetov remains committed to restoring and developing both his business and Ukraine. He continues to fund humanitarian programmes, infrastructure repairs, and support for displaced residents, along with efforts to rebuild crucial enterprises.
His Steel Front initiative has been instrumental in supporting the Ukrainian military, producing over 250 military equipment decoys to mislead the enemy. The initiative has also delivered over 150,000 lightweight bulletproof vests made from Metinvest’s own armour steel. Additionally, Steel Front has supplied over 1,200 vehicles, 5,000 UAVs, 47,268 first aid kits, and more than 17,000 units of specialised equipment to the Ukrainian Armed Forces. In total, Akhmetov has contributed more than UAH 9 billion to Ukraine’s defence.
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