Business

18 May, 03:03 PM

Resource oligarch Akhmetov says Russians have caused $20 billion in damages to his enterprises

The pre-war value of the industrial assets, destroyed by Russia over the course of its invasion of Ukraine, which are owned by Rinat Akhmetov, Ukraine’s richest man, exceeds $20 billion, Akhmetov said during an interview with Italian TV channel RAI, according to the Interfax-Ukraine news agency on May 17.

“After the large-scale invasion of the Russian Federation on February 24, 2022, plants such as Azovstal, the Illich Steel and Iron Works, the Avdiivka Coke Plant, the Luhansk Thermal Power Plant, and dozens of other industrial infrastructure and green energy facilities were partially or completely destroyed or mothballed,” Akhmetov said when asked about the financial assessment of the damage caused to his holdings. 

According to Akhmetov, the pre-war capitalization of two plants in Mariupol alone — Azovstal and the Illich Steel and Iron Works – amounted to about $10 billion. Most of these assets are held by the System Capital Management (SCM) Group, a holding company for Akhmetov’s enterprises. 

"In addition, there were raw materials and finished products worth $1 billion,” he said.

“We will definitely file claims against Russia, demanding compensation for all losses caused by Russian military aggression.” 

Akhmetov stressed that Mariupol was and will always be a Ukrainian city for him. 

"Mariupol can be restored only under Ukrainian control,” he said. 

“There are no other options for me. No SCM business will ever operate under Russian control.”

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