Rinat Akhmetov has initiated arbitration proceedings against Russia for seized assets in the Donetsk and Luhansk oblasts, with a view of the future reconstruction of Ukraine.
Ukrainian businessman Rinat Akhmetov, as an investor, is demanding compensation from Russia for all losses incurred as a result of interference with his business or expropriation of assets and investments by the so-called "Donetsk People's Republic" and "Luhansk People's Republic", which have been acting under Russian direction or control since 2014. In this new action, the focus is on the unlawful actions of Russia between 2014 to 2017, and onwards.
These assets, under the umbrella of the SCM Group, were involved in such diverse range of industries and activities as metals and mining, football, energy and real estate. Assets include, among many others, 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.
This action is brought under the Agreement between the Government of the Russian Federation and the Cabinet of Ministers of Ukraine on the Encouragement and Mutual Protection of Investments. It is a long-standing treaty between Russia and Ukraine that has already been used successfully to make claims against Russia for its actions in illegally occupied Crimea.
Rinat Akhmetov said, “On 24 February 2022, the Russian army began a large-scale invasion of Ukraine. Yet, for me, as for many other Ukrainians, the war began in 2014. It was then that Russia invaded our country, started seizing our vital factories and plants, and destroying our infrastructure.
“My position has not changed: we will seek justice using all available legal means with every possible agency and court, because Russia’s crimes against Ukraine and Ukrainians that have been committed since 2014 must be punished.
‘Therefore, 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 and Luhansk oblasts. 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.
‘We will definitely rebuild our country, including our Ukrainian Donbass. And the Donbass Arena will once again be a place for happy meetings and excitement.”
The SCM Group has already filed a lawsuit with the ECHR listing the assets destroyed or seized after Russia's full-scale invasion on 24 February 2022. The SCM Group’s lawyers, and all Rinat Akhmetov's businesses, are making every effort to fully and exhaustively hold Russia liable, using all options available under international law and practice.
