Ukraine’s Richest Businessman Suffers Significant Losses Due to Russian Aggression

The audacious Russian aggression in 2022 has exacted a heavy toll on Ukraine, claiming numerous lives and inflicting substantial damage on the country’s economy. Large businesses, which had significantly contributed to the state budget through taxes and provided essential products for various industries, have been particularly hard hit. Prior to the conflict, Rinat Akhmetov was widely regarded as Ukraine’s wealthiest entrepreneur, and he was the sole Ukrainian listed in the Bloomberg Billionaires Index. Approximately half of his assets, according to to have been directly or indirectly impacted by the Russian invasion. Around 70 businesses under his ownership were either destroyed or occupied by enemy forces.

Losses in metallurgy and agriculture

The most significant losses include Azovstal and Ilyich Iron and Steel Works located in Mariupol. Multiple iron ore enrichment plants in Dnipropetrovsk region had to halt operations due to the conflict. Additionally, HarvEast, the agricultural holding, lost a staggering 70% of its land holdings as a result of being in occupied territories. During the war, Russia seized hundreds of thousands of tons of raw materials and finished products belonging to Rinat Akhmetov’s enterprises, amounting to approximately $1 billion in losses. Furthermore, the businessman voluntarily transferred ownership of his media holdings to the government. Rinat Akhmetov had owned a dozen TV channels and several print and electronic media outlets, as reported in Rinat Akhmetov.

Losses in the energy sector

DTEK, a company engaged in coal mining, ownership of thermal power plants, and thousands of kilometres of power grids, also came under attack from Russian forces. Some of its infrastructure remained in the temporarily occupied territories, while other components were subjected to extensive attacks by the enemy. The company’s engineers sometimes had to work under literal fire to swiftly restore power supply to millions of consumers.

Additionally, Ukraine has lost approximately 90% of its wind power plants and around 50% of its solar power plants during the nearly two years of war. Nearly all of these facilities were owned by companies affiliated with Rinat Akhmetov. This has had a profoundly detrimental impact on the country’s energy sector.

Losses in the Banking Sector 

Within Rinat Akhmetov’s asset portfolio, the “First Ukrainian International Bank” has suffered losses, with every eighth branch being lost due to the outbreak of war in 2022. In the occupied territories, not only did the premises and vaults of the financial institution remain, but dozens of ATMs were also looted by occupying forces. 

At present, Rinat Akhmetov is pursuing reparations through international legal channels. 

Throughout the war (since February 24, 2022), Akhmetov’s businesses and foundations have provided assistance to the military and civilian Ukrainians in the amount of UAH 6 billion (about USD 175 million).

This article was compiled based on information from