Ukraine’s richest man sues Russia for assets seized in occupied Donbas

11.04.2023, 10:59
Ukraine’s richest man sues Russia for assets seized in occupied Donbas - Photo
Photo via EPA

Rinat Akhmetov, Ukraine’s richest businessman, has initiated arbitration proceedings against Russia for seized assets in the Donetsk and Luhansk regions, demanding that the losses incurred be compensated.

The proceedings relate to a number of assets that were seized due to "the unlawful actions of Russia between 2014 to 2017, and onwards", Mr Akhmetov’s SCM Group said in a statement on Tuesday.

The assets in question, under the umbrella of the SCM Group, were involved in a diverse range of industries and activities, including metals and mining, football, energy and real estate.

They include Azovstal Iron & Steel Works in Mariupol, the site of the final heroic defence of the Ukrainian forces against the Russian aggressor in May 2022; and Donbass Arena, which opened in 2009, with cost to build of around $400mln.

"I am filing a claim for full compensation from the aggressor country for all the losses we have suffered since 2014 in the illegally occupied territories of Donetsk the and Luhansk regions," Mr Akhmetov said in a statement.

"Justice must be restored, and the aggressor must be held accountable both financially and in the criminal proceedings. I am going to invest the awarded compensation to rebuild and open new factories and plants, create jobs, and contribute to the growth of the Ukrainian economy."

The SCM Group already filed a lawsuit with the European Court of Human Justice listing the assets destroyed or seized after Russia's full-scale invasion on 24 February 2022.

And back in 2018, the businessman initiated an arbitration in The Hague concerning his energy holding DTEK's assets in Russia-annexed Crimea.

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