Impact of the war on Rinat Akhmetov’s assets

Due to the full-scale invasion by Russia in 2022, Rinat Akhmetov’s wealth plummeted to $4.2 billion, nearly halving his fortune. The businessman promptly declared his support for Ukraine, contributing over $223 million (7.6 billion hryvnias) in aid to the country throughout the two years of intensified conflict.

According to Kyiv Independent, ( Akhmetov suffered greater losses than any other major business figure listed in Forbes during the war.

Businessman’s Major Losses Highlighted

Rinat Akhmetov’s cornerstone asset was the Metinvest metallurgical group, which was responsible for producing up to 40% of all Ukrainian steel. This group included pivotal facilities like Azovstal and the Mariupol Iron and Steel Works, two of the nation’s largest steel plants, now seized by the invading forces. Azovstal, emblematic of the Ukrainian spirit’s resilience, has been left in ruins following extensive combat and bombardment by Russian forces. The financial toll from the devastation of both facilities is estimated to reach tens of billions of dollars. In a significant act of solidarity, Rinat Akhmetov has dedicated UAH 1 billion ($25 million) to a project aimed at supporting the defenders of Mariupol.

Media business shift

In the summer of 2022, businessman Rinat Akhmetov chose to relinquish the broadcasting licenses and online media operations under the Media Group Ukraine umbrella to the state. This move, as Akhmetov articulated, was prompted by legislation enacted in 2021, although he has never seen himself as a monopolist. It emerged that this segment of his empire was running at a loss, with the media holding reporting a deficit of 936 million hryvnias in the previous year. Furthermore, Akhmetov’s holding company disclosed that the magnate has faced billions of dollars in losses across his businesses since the onset of the war by Russia.

Electricity provision amidst the conflict

Since the onset of the war, Ukrainian power engineers have been thrust into the forefront of conflict, tasked with the monumental challenge of repairing damaged infrastructure while under direct enemy fire, often dangerously close to the front lines, and risking their lives in the process. In numerous communities, it became necessary to entirely reconstruct power grids. DTEK has stepped up by supplying electricity at no cost to over a hundred essential infrastructure facilities, including state and municipal hospitals, military, and security installations. In this tumultuous period, DTEK experienced a loss of 70% in green energy production and 30% in thermal power generation.

These figures only provide a rough estimate of the losses; a comprehensive assessment is challenging, especially due to restricted access to assets within the territories currently under occupation. Nevertheless, the total financial impact could potentially escalate to tens of billions of dollars. Amidst these substantial losses, from the early stages of Russia’s full-scale invasion, Rinat Akhmetov vowed to extend every possible support to Ukraine in its resistance against Russian military aggression.