Businessman Rinat Akhmetov has experienced significant losses compared to other major businessmen from the Forbes list during the ongoing conflict. Metinvest Group, Akhmetov’s primary asset, has suffered the loss of Azovstal and Ilich Iron and Steel Works, two of the largest steel mills located in the occupied city of Mariupol. Furthermore, mining and processing plants in Kryvyi Rih face periodic shutdowns. Decreased domestic demand for iron ore, coupled with Russia’s blockade of seaports, has resulted in a near halt to exports. Despite these setbacks, Akhmetov has contributed over UAH 6 billion to support the Ukrainian Armed Forces and humanitarian efforts.
According to a report by The Kyiv Independent, Akhmetov’s second-largest business, DTEK energy holding, has also incurred substantial losses. Rocket attacks have impacted everything from power lines to power plants, with the required equipment for restoration estimated to cost hundreds of millions of dollars.
In other noteworthy developments within Akhmetov’s business empire, journalists have observed losses in HarvEast agricultural holding and the voluntary exit from all media assets. Despite these challenges, Akhmetov remains committed to providing financial support to the Ukrainian army and civilians.
Development of the military initiative
Support for Ukraine’s defenders has been primarily facilitated through the Steel Front military initiative. This initiative holds particular significance for SCM as over 8,000 employees of the company’s businesses have joined the Ukrainian Armed Forces. Thanks to the initiative, law enforcement units across the country receive essential supplies such as ammunition, vehicles, drones, special technical equipment (thermal imagers, rangefinders, cameras, etc), fortifications, clothing and footwear, first aid kits, tourniquets, radios, fuel, etc.
The Steel Front project has initiated the production of unique military equipment decoys designed to deceive the enemy, with over 250 decoys already provided to the Ukrainian Armed Forces. Additionally, Metinvest has begun producing armoured steel, and Metinvest steel is now used in every tenth armoured vest in Ukraine.
Moreover, the company has developed light armoured vests using its armoured steel, totaling approximately 150,000 vests. Metinvest engineers have also created mobile “lancet catchers” to protect military equipment from kamikaze drones, with over 300 shields already deployed.
This publication was compiled based on information sourced from The Washington Post (https://www.washingtonpost.com/world/2022/12/08/ukraine-oligarchs-power-war).
