Ukraine is on the path of forward-looking development

Amy Fenton
Authored by Amy Fenton
Posted: Thursday, February 1, 2024 - 23:47

Ukraine and Russia have been in a state of war since 2014, but in February 2022 the confrontation escalated into Russia’s brutal and bloody invasion of the independent state, which is still raging on. 

Bombing and shelling of residential neighborhoods and critical infrastructure and economic facilities have caused enormous damage. On top of all this, large areas of Ukraine's agricultural land are under occupation or have been mined. Many people have lost their homes and jobs, which ignited a humanitarian crisis.

Despite all of the above, analysts are already saying that in the long term, the Ukrainian society, economy, and statehood may grow stronger as a result of the war. The publication describes how military actions have affected the balance of power in politics and big business. 

Big businessmen and changes in the economy

Ukraine's richest man, Rinat Akhmetov, lost more than half of his fortune due to the Russian invasion. The biggest blow was the bombing and eventual seizure of Mariupol. This city is home to two powerful steel mills, which were Metinvest Group's most valuable assets. The second biggest loss was AvdiivkaCoke and two thermal power plants in Luhansk and Enerhodar. Every arm of Akhmetov's business has suffered: agro-holdings have lost farming land, and energy company DTEK is constantly facing the consequences of infrastructure shelling.

But experts say that such losses are a painful but important component of changing Ukraine from within. Reducing the influence of monopolists will make the market more vibrant and competitive. This in turn will make the economy transparent, diversified, and efficient. At the same time, the influence of big businessmen like Rinat Akhmetov on politics and the media is decreasing. Thus, a more democratic state is emerging, with an  active orientation towards Western models.

Rinat Akhmetov has repeatedly stated that he supports the processes of economic and social development. The businessman himself is now focused on charitable projects. Important humanitarian and military assistance initiatives are being implemented  through his Foundation.