Euromaidan Press | 11 April 2023

Ukrainian billionaire seeks compensation from Russia in arbitration for losses incurred

Billionaire Rinat Akhmetov, who is the founder and beneficiary of the holding company SCM, has announced that he is initiating an arbitration process against Russia.

The process aims to seek compensation for damages inflicted on him during the period between 2014 and 2017. Akhmetov is seeking redress from the aggressor country for losses incurred as a result of the intervention in his business activities, expropriation of assets, and investment by terrorist groups “DNR” and “LNR” and are under the control or direction of Russia.

The assets that are included in this arbitration process are diverse and include dozens of companies in the mining, metallurgical, and energy sectors, among others. Real estate holdings are also part of the compensation being sought, including the Donbas Arena, a world-class sports venue in Donetsk. The stadium was the home of the Shakhtar Donetsk football club, which was owned by Akhmetov until it was seized by separatist forces in 2014. Additionally, among the assets taken over were educational and training facilities, including the Kirsha training base.

The losses incurred by Akhmetov and his businesses are significant, and it is estimated that they amount to billions of dollars. However, the exact amount that Akhmetov will be seeking in compensation has not yet been disclosed.

In a statement released by SCM, Akhmetov emphasized that Russia should be held accountable for its crimes against Ukraine and its citizens. He believes that the aggressor country should bear the consequences of its actions and compensate all those who have suffered losses as a result of its intervention in Ukraine.

It is worth noting that this is not the first time that Akhmetov has sought compensation from Russia for damages. Last year, he filed a lawsuit against Russia in the European Court of Human Rights for compensation for gross violations of his property rights during Russia’s aggression against Ukraine. Moreover, in September 2018, DTEK, which is an energy holding owned by Akhmetov, began preparing a lawsuit against Russia for the loss of assets in Crimea. In November 2018, the energy holding filed a lawsuit with an arbitration court seeking compensation.