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Ukraine’s Richest Man to Sue Russia for up to $20B for Mariupol Losses

  • Ukraine’s richest man plans to sue Russia for up to $20 billion in damages to his steel plants.
  • Rinat Akhmetov owns the Azovstal steel plant in Mariupol, which was bombarded by Russian forces.
  • The Azovstal steel plant was the last bastion of the city’s resistance against the Russian invasion.

Ukraine’s richest man, Rinat Akhmetov, said he intends to sue Russia for $17 billion to $20 billion in losses after his steel plants in Mariupol were severely damaged, according to local media.

Akhmetov is the owner of the Azovstal steel plant in the southern port city of Mariupol, which suffered intense bombing and shelling from Russian forces.

“We will definitely sue Russia and demand proper compensation for all losses and lost business,” Akhmetov told the Ukrainian news portal

As the city’s last bastion of resistance against the Russian invasion, the Azovstal steel plant came under fierce attack for weeks before the Ukrainian troops stationed there were evacuated.

The Illich Steel and Iron Works under Akhmetov’s SCM Holdings have also suffered damage due to Russian aggression, he told

Akhmetov has a current

net worth

of $6.93 billion, according to the Bloomberg Billionaires Index. His wealth has tumbled 40% this year amid the war in Ukraine.

After Russia’s invasion began on February 24, Akhmetov’s company Metinvest — the country’s largest steelmaker — announced that it wouldn’t be able to fulfill contractual obligations.

In April, Metinvest told Reuters that it plans to resume production after the end of the war but would “never operate under Russian occupation.”

Russia said last Friday that it is now in complete control of Mariupol.

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