In a bid to align its laws with the European norms, Ukraine in 2021 adopted a law that limited the influence of large capital owners on public life. The main message of this document was to minimize and eliminate possible threats to national security, formulating new principles of interaction between the state and large private businesses. The law came into force in early 2022, despite the introduction of martial law in the country.
Without a doubt, the most prominent Ukrainian businessman is Rinat Akhmetov. He owns metallurgical enterprises, controls a significant part of the energy sector, and has assets in the mining industry and agriculture. He owns Shakhtar Football Club and used to own Media Group Ukraine holding. Rinat Akhmetov and his businesses have suffered huge losses due to the war, but he remains one of the most prominent heavyweights of Ukrainian private enterprise.
How did Akhmetov transfer his media to the state?
The businessman took a responsible approach to the fulfillment of the law, as described in the publication https://www.euractiv.com/section/europe-s-east/news/ukraines-richest-man-agrees-to-hand-over-media-empire/. He made a statement that he would transfer all his media assets to the Ukrainian government within the deadline set by the law. These include ten television channels, print media, and electronic media. However, in wartime, it was unfeasible to sell so many assets at once or even in installments. The businessman found a solution by cancelling all licenses for television broadcasting, as well as print and electronic media. This process was launched in the summer of 2023 and is almost complete.
What about the remaining businesses?
Today, profit-making is not a priority for the businessman’s remaining assets. For instance, Metinvest directs many efforts and funds to help Ukraine. This includes the production of defence equipment, supply of vehicles, protective gear, medicines, and fuel. To improve efficiency, all supplies are coordinated with the military command.
DTEK efficiently manages its tasks of keeping Ukraine’s energy system in working order and restoring equipment and power lines damaged by enemy shelling as quickly as possible.
Extensive humanitarian projects are being implemented to help people from war-affected areas. A lot of investment goes into the development of plans for restoring the de-occupied territories.