Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

Ukraine's richest man plans to sue Russia for huge losses

Stock Markets May 26, 2022 09:56AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: A view shows the gates of the Illich Steel and Iron Works damaged during Ukraine-Russia conflict in the southern port city of Mariupol, Ukraine April 15, 2022. REUTERS/Alexander Ermochenko/File Photo/File Photo

KYIV (Reuters) - Ukraine's richest man says he plans to sue Russia over what he said was $17 billon to $20 billion in losses caused by its bombardment of steel plants he owns in the devastated city of Mariupol.

The Azovstal steelworks suffered heavy damage from Russian bombing and shelling after the sprawling plant became the last bastion of defence in the southern port city. The Illich Steel and Iron Works, also owned by Akhmetov, was also badly damaged during Russian shelling of Mariupol.

"We will definitely sue Russia and demand proper compensation for all losses and lost business," Rinat Akhmetov, who owns the biggest Ukrainian steelmaker Metinvest, told Ukrainian news portal mrpl.city in an interview.

Asked how much money Metinvest had lost because of the damage to Azovstal and Illich, he said: "The replacement cost ... due to Russian aggression is from $17 to $20 billion. The final amount will be determined in a lawsuit against Russia."

Billionaire Akhmetov had already seen his business empire shattered before the war by eight years of fighting in Ukraine’s east after pro-Russian separatists took over swaths of territory there.

Since Russia's invasion on Feb. 24, Metinvest has announced it cannot deliver its supply contracts. While Akhmetov's financial and industrial SCM Group is servicing its debt obligations, his private power producer DTEK has restructured its debt portfolio, he said.

Akhmetov said he had remained in Ukraine since the war with Russia began, adding: "We believe in our country and believe in our victory."

Ukraine's richest man plans to sue Russia for huge losses
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (1)
Elezabeth Thomas
Elezabeth Thomas May 29, 2022 1:26PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
YES! Capture as many judgements as you can on Putin.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email