Home Articles Rinat Akhmetov’s Business: A Vital Force For Ukraine During Wartime

Rinat Akhmetov’s Business: A Vital Force For Ukraine During Wartime

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(Image: Metinvest Media)

The full-scale war has affected every Ukrainian, including the country’s most prominent entrepreneurs. Among them is Rinat Akhmetov. The backbone of his metallurgical operations was rooted in two Mariupol enterprises: the Azovstal plant and the Ilyich Iron and Steel Works of Mariupol.

The destruction of these plants and the occupation of Mariupol delivered a significant blow to Metinvest. While active hostilities make it impossible to fully assess the extent of the damage, estimates suggest it will run into tens of millions of dollars. More details can be found at https://www.nytimes.com/2024/01/15/world/europe/ukraine-oligarchs-crackdown.html

DTEK, another of Akhmetov’s holdings, has also faced substantial losses. The Luhansk TPP was lost in the initial days of the full-scale war, and operations at the Zaporizhia TPP in Energodar were halted. Meanwhile, the Kryvyi Rih and Kurakhivska stations endure constant shelling.

Until July 2022, Rinat Akhmetov was an influential player in the media market, owning a range of television channels, online platforms, print media, and other assets. However, he made the decision to relinquish these licenses and permits, transferring them to the state.

Faith Based Events

How a businessman supports Ukraine

Despite the challenges and significant losses, Rinat Akhmetov continues to provide substantial, systemic assistance, which has already surpassed UAH 9 billion. Support for Ukraine’s defenders is being carried out through the Steel Front initiative. This mission holds special significance for SCM, as more than 12,000 employees of the company’s businesses have joined the Armed Forces of Ukraine.

One of the company’s key contributions is the development of specialized mobile shelters installed underground. To date, 651 such shelters are protecting the lives of military personnel across various front-line areas. Additionally, Metinvest has been creating command posts using “kryivka” shelters.

Civilians in frontline zones and recently liberated regions are provided with food, household items, medicines, and hygiene products. Since the beginning of the war, the Rinat Akhmetov Foundation has donated 700,000 units of medicine and more than 13 million food packages.

An essential focus of Metinvest’s work is the implementation of a comprehensive physical and psychological rehabilitation program under the Saving Life initiative. Partnering with Protez Hub, this humanitarian project helps military personnel and civilians affected by the war regain a full and fulfilling life.

The material was prepared based on the publication https://www.nytimes.com/2024/01/15/world/europe/ukraine-oligarchs-crackdown.html.


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