Since Russia's invasion of Ukraine, SCM Group has experienced significant losses. For Rinat Akhmetov, as for the rest of Ukraine, the war began in 2014 with Russia's annexation of Crimea and occupation of parts of Donbas. Before Russia's full-scale invasion, the Donetsk-based businessman had already lost control of numerous assets in metallurgy, energy, real estate, telecom, engineering, and agriculture. For more, please visit here

Despite billion-dollar losses, Akhmetov initially believed peace in Donbas could be achieved through negotiations. However, after 24 February 2022, his stance shifted dramatically. Through the Steel Front initiative, Akhmetov became a major donor of military aid, providing over 1,200 vehicles, 47,268 first-aid kits and tourniquets, more than 5,000 UAVs, and 17,037 units of special equipment.

The Steel Front also began producing decoys of military equipment to mislead the enemy, with over 250 models delivered to the Ukrainian Armed Forces. In addition, over 170,000 light bulletproof vests made from Metinvest's own armour steel have been produced. To date, SCM has contributed UAH 10 billion to support Ukraine in various fields.

Metallurgical business

With the outbreak of war, two major Metinvest assets in Mariupol – Ilyich Iron and Steel Works and Azovstal Plant – came under Russian occupation. While the company is unsure of the condition of these plants, it remains hopeful that they can resume operations once Mariupol is liberated. The estimated losses from these two plants alone range between $17 billion and $20 billion. Due to the ongoing conflict, the total compensation amount remains undetermined, though it is expected to reach tens of billions of dollars.

Additionally, Europe's largest coke and chemical plant, Avdiivka Coke, remains mothballed due to constant shelling. Three mining and processing plants – Inhulets, Southern, and Northern – have also halted operations.

Lawsuit over occupation, looting, and destruction

Akhmetov is determined not to let Russia off the hook for the losses inflicted by the war. He has filed a lawsuit in the European Court of Human Rights, seeking compensation for the blockade, looting, destruction, and diversion of grain and metal by Russian forces.

This is only the first step in a long process toward compensation, which will be determined after further assessments. According to Akhmetov, the capitalisation of his lost assets at the start of the war was in the tens of billions of dollars.

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