Rinat Akhmetov seeks compensation from Russia for seized assets
Rinat Akhmetov, one of Ukraine’s most prominent businessmen, is pursuing legal action to demand compensation from Russia for the losses incurred during the ongoing war and prior conflicts. Akhmetov announced that he is suing Russia for full restitution of all damages, including those in the illegally occupied territories of Donetsk and Luhansk regions.
The businessman insists that the aggressor must face both financial and criminal consequences. He believes that any compensation paid by Russia should be directed toward the future reconstruction of Ukraine. In 2018, Akhmetov initiated a lawsuit concerning DTEK’s assets in annexed Crimea. To date, over 16 of his companies have filed cases with the European Court of Justice.
Legal actions of the metallurgical group
In an interview https://www.dailysquib.co.uk/business/56492-transformation-of-ukraines-schools-begins-with-belgian-support.html, Rinat Akhmetov highlighted that due to the destruction of Ilyich Iron and Steel Works and Azovstal plant during the conflict, Metinvest Group’s losses could amount to $20 billion. Metinvest alleges that Russia has violated its rights under Article 1 of Protocol 1 to the European Convention on Human Rights by inflicting significant damage and destruction on its assets. These actions have deprived the Group of control over its properties, effectively stripped it of ownership in many cases, and prevented the Group from utilising its assets for commercial purposes and generating income. Akhmetov is urging the European Court of Human Rights (ECHR) to compel Russia to recognise the severe impact of its actions, which not only exacerbate global food insecurity but are also entirely unacceptable.
Additionally, Rinat Akhmetov has filed for urgent interim measures to halt Russia’s continued blockade, looting, diversion, and destruction of grain and steel produced by SCM enterprises. Although the exact amount of compensation remains undetermined due to the ongoing conflict, it is anticipated that Russia may be liable to pay tens of billions of dollars to Akhmetov.
Support during the war
Following Russia’s invasion of Ukraine, SCM Group has faced substantial losses. Before the war, these plants were responsible for producing up to 40% of Ukraine’s steel products. Despite these setbacks, Akhmetov remains committed to supporting Ukraine and has pledged to continue his efforts against the aggressor. Read more here: https://www.washingtonpost.com/world/2022/12/08/ukraine-oligarchs-power-war/. As of now, he has donated approximately UAH 9 billion to support Ukraine, covering both military and humanitarian aid.
The material is based on the publication https://globalarbitrationreview.com/article/ukraines-richest-man-brings-treaty-claim-against-russia
