Eva Antonenko
03 October 2022 16: 45
Headings: News Policy Economy

Assets decreased by 84%, Metinvest suffered the most: how the war hit Akhmetov's empire

The oligarch intends to sue Russia for compensation for what was lost.

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Assets decreased by 84%, Metinvest suffered the most: how the war hit Akhmetov's empire

The war had a very significant impact on the business of the richest man in Ukraine - Rinat Akhmetova. Relevant Analysis held at UP.

Akhmetov's business losses began back in 2014: then he lost control over a significant part of its business in the field of metallurgy, energy, telecom, engineering, agro-industrial complex and real estate. At that time, he believed that peace in the Donbass could be achieved through negotiations. And after February 24, Akhmetov called the President of the Russian Federation a war criminal, and the Russian Federation an aggressor country, moving away from the previous rhetoric of appeasement.

According to the annual ratings of oligarchs from Focus, the state of the oligarch in 2012-2021. changed as follows:

Assets decreased by 84%, Metinvest suffered the most: how the war hit Akhmetov's empire - photo 1

According to Forbes, in early 2022, his fortune reached $13,7 billion. Currently, according to UP, Akhmetov himself estimates his losses at tens of billions of dollars.

The war hit Metinvest the hardest, with a total loss of $8,4 billion, or 74% of assets, followed by DTEK, which lost $1,9 billion, or 70% of assets.

Assets decreased by 84%, Metinvest suffered the most: how the war hit Akhmetov's empire - photo 2

In aggregate, according to journalists, Akhmetov lost $11,84 billion, or 84,3% of his total assets, based on the latest Forbes figures..

What happened to the oligarch's metallurgy?

Before the war, the Metinvest mining and metallurgical holding mined and exported about 60% of all Ukrainian iron ore, and with the outbreak of the war, the Mariupol Iron and Steel Works named after I.I. Ilyich and Azovstal. The Ukrainian side does not know what state the enterprises are in, but believes that it is possible to restore them.

Recall that Azovstal was subjected to massive shelling, and the “DPR authorities” announced their intention to completely demolish the enterprise. Now it looks something like this.

Assets decreased by 84%, Metinvest suffered the most: how the war hit Akhmetov's empire - photo 3

Also now suspended or mothballed: Avdeevsky coke, Ingulets, Southern and Northern mining and processing plants.

In this case, continue to work: Central Mining and Processing Plant, Zaporizhstal, Kametstal and Pokrovskugol.

What about the energy wing?

Smaller, but also tangible losses were incurred by Akhmetov's energy holding DTEK:

  • Luhanska TPP – has been lost since February 25, when communication with it completely disappeared;
  • Zaporozhye TPP is located on the territory occupied by the Russians - in Energodar, and DTEK stopped it;
  • Krivoy Rog и Kurakhovskaya TPP under constant shelling.

The group also completely stopped and mothballed all wind farms, and the generation of expensive solar energy fell to a minimum.

Less land and crops

Before the start of the war, Akhmetov's agricultural holding HarvEast cultivated about 127 hectares of land, and after the start of the war, almost 90 hectares ended up in the occupied territories. Because of this, in early September, HarvEast did not have access to 51,789 thousand tons of its agricultural products. We are talking about the harvest of 2019-2021: wheat, sunflower, corn, peas, lentils, rapeseed, barley, mustard, etc.

Even Ukrtelecom suffered

Due to the war, the company lost 447 vehicles, 34 company buildings were completely destroyed, and 165 were damaged. Entire segments of networks in uncontrolled territories were also destroyed.

Akhmetov will sue

In connection with such losses, Akhmetov is not going to sit idly by and will sue: he has already filed a lawsuit with the European Court of Human Rights in connection with the blockade, looting, destruction and diversion of grain and metal flows by Russia.

According to the businessman, the capitalization of losses is from 17 to 20 billion dollars, and due to the fact that the war continues, the final amount has not yet been determined. The interests of the oligarch in the courts will be represented by an American law firm headquartered in Washington, Covington & Burling LLP.

We also wrote about Ukrenergo wants to raise electricity transmission tariff by 84% in 2023and told where are the Russian submarine with the Poseidon nuclear missile and the Ukrainian corvette Hetman Mazepa going?.

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