Ukrainian businessman Rinat Akhmetov has initiated arbitration against Russia over assets seized in Donetsk and Luhansk regions.
Akhmetov, acting as an investor, seeks compensation for losses caused by interference in activities or expropriation of assets and investments by the so-called DPR and LPR between 2014 and 2017, according to the SCM investment group that belongs to Akhmetov.
Among the assets he aims to recover are numerous enterprises in the mining, metallurgical, and energy sectors, including Enakievsky Metallurgical Plant, DTEK Rovenkianthracite, and DTEK Sverdlovanthracite.
The entrepreneur also owned the Donbass Arena, a project whose construction exceeded 400 million dollars in investment.
Akhmetov stated his demand for full compensation from the aggressor country for all damage incurred in the illegally occupied Donetsk and Luhansk regions since 2014. He asserted that justice must be restored and the offender held financially and criminally accountable. He also noted that recovered funds would be reinvested to rebuild and expand enterprises, create jobs, and bolster Ukraine’s economy.
The tycoon did not reveal the court or jurisdiction where the case will be filed.
previous cases
Historically, Akhmetov’s companies have pursued lawsuits in multiple jurisdictions. In 2018, a case was brought before The Hague Arbitration Court over DTEK’s energy assets located in Crimea.
In February 2022, a commission assessing property belonging to foreign citizens and states that acted against Russia determined the expropriation of several assets, including Novokramatorsky Mashinostroitelny Zavod and OJSC Central Mining and Processing Plant, among others held by Akhmetov.
Akhmetov’s representatives also submitted a demand to the European Court of Human Rights listing assets that reportedly fell under control of the Russian Armed Forces since the start of the conflict. The Azovstal plant, associated with the Metinvest group under SCM, was among the assets referenced.
Russia later reminded that it had withdrawn from the jurisdiction of the ECtHR, indicating it would disregard any related decision.
Akhmetov holds full control of SCM. By the end of the previous year, Forbes Ukraine estimated his fortune at about 4.4 billion dollars. Since the onset of the conflict, his wealth has declined by more than 9 billion dollars, yet he remains Ukraine’s wealthiest individual.
Ukrainians are losing wealth
Forbes Ukraine reports that the 20 wealthiest Ukrainians have collectively lost up to 22.5 billion dollars since the Russian operation began. Alongside Akhmetov, notable losses include the co-owners of the Grammarly platform, Maxim Litvin, and Alexei Shevchenko, each down by roughly 1.7 billion dollars since February 2022, after starting the year with around 4 billion each.
Metallurgy and related branches of Ukrainian industry have endured the sharpest declines. Only a handful of Ukrainian billionaires remain in Forbes’ ranking, with Akhmetov joined by Viktor Pinchuk, Vadym Novinsky, Konstantin Zhevago, and Gennady Bogolyubov, whose fortunes are reported around the 1–2 billion dollar range.