Rinat Akhmetov: Biography, Life, and Controversies of Ukraine’s Richest Billionaire

Originally Syndicated on October 20, 2023 @ 6:21 am

Early Life and Career of Rinat Akhmetov

Rinat Akhmetov was born to a working-class family on September 21, 1966, in Donetsk, Ukrainian SSR. He is an ethnic Volga Tatar and a practising Sunni Muslim.
His father, Leonid Akhmetov, was a coal miner, and his mother, Nyakiya Nasredinovna, was a shop assistant.
He has an older brother, Igor, who used to work as a coal miner but eventually had to quit his job due to work-related health complications.
Akhmetov completed his education at Donetsk National University, where he acquired a Bachelor of Arts/Science in Economics in 2001.

Marital Life of Rinat Akhmetov

Rinat is married to Liliya Nikolaievna Smirnova and they both have two children, Damir and Almira.

Sports were Akhmetov’s only pastime aside from business. Boxing and football are two of the billionaire’s favourite sports. In Ukraine, the oligarch is also known as an honorary philanthropist.

Liliya Nikolaievna Smirnova: Wife of Rinat Akhmetov

She was born in Donetsk, Ukraine, in 1975. Her father. Nikolay Smirnov. She was a professor at the University of Donetsk, as was her mother.

Education

Liliay Nikolevna Smirnova graduated from Donetsk State University with a degree in economics. She also holds a master’s degree in international business.

Career

Liliya Nikolaevna Smirnova is a businesswoman and philanthropist. She is the CEO of SCM Holdings. One of the largest private companies in Ukraine She is also the co-founder and co-chair of the Rinat Akhmetov Foundation.

Rinat Akhmetov’s Early Wealth Acquisition

His early career is controversial, and there is no clarity on how he obtained his funds and wealth between the years 1985 and 1995, after the fall of communism in Ukraine.
It was said that Rinat acquired the majority of his wealth through his ties to organized crime.
However, Rinat claimed in a public statement that he gained his wealth by making risky investments after the collapse of the Soviet Union.
Rinat has also publicly denied inheriting money from the powerful crime boss, Akhat Bragin.

Rise in Eastern Ukraine’s Industrial and Coal-Mining Sector

Rinat Akhmetov started his own business trading coal in 1990.
In the next few decades, he consolidated ownership of the country’s most important steel and coal mining companies. He established Dongorbank in 1995.

His rise during these years in eastern Ukraine’s industrial and coal-mining Donbas region is also foggy.
However, he succeeded Akhat Bragin as chairman of the Shakhtar football club after Bragin was killed in a bomb explosion at the club’s stadium in October 1995.
Akhmetov spent most of the next decade cultivating the loyalty of Donetsk residents with investments in Shakhtar while expanding his business interests across the country.

Impact of Political Changes

In 2000, Rinat Akhmetov founded System Capital Management Group, which remains the sole owner today.
He joined Viktor Pinchuk, the son-in-law of then-President Leonid Kuchma, to buy Ukraine’s largest steel mill, Kryvorizhstal, in a 2004 state asset sale.

The Kryvorizhstal sale was challenged in 2005 by the government after the so-called Orange Revolution.
Popular protests swept Viktor Yushchenko into the presidency, defeating Kuchma’s prime minister, Viktor Yanukovych.

Yanukovych was ousted and fled Ukraine in early 2014, and the Russian Federation annexed Crimea.
The war in Donbas began in April 2014, and Akhmetov’s net worth fell by 52% to $5.39 billion compared to pre-war numbers due to the damage to his steel plants and electricity substations caused by the Russian invasion of Ukraine.

Compensation from Russia in ECHR Lawsuit

The businessman asked the ECHR to hold Russia accountable for the destruction of Ukrainian infrastructure, looting, and the removal of export goods from Ukraine.

In addition to the lawsuit, Rinat Akhmetov asked the court to take urgent interim measures that will prevent further blockades of Ukrainian ports, looting, and the export of grain from Ukraine, as well as steel manufactured by SCM enterprises.

For a violation of property rights, Akhmetov demanded compensation from Russia for damages.

The G7 promised to support Ukraine until victory; Zelensky asked for weapons to end the war before winter. Russia’s crimes against Ukraine and every Ukrainian are outrageous.

The perpetrators must be punished. I, with the help of the best Ukrainian and American lawyers, filed a complaint with the European Court of Human Rights for damages. This claim is one of the first international legal actions against Russia, the purpose of which is to stop the criminal activities of the Russian aggressor, the destruction of the Ukrainian economy and the theft of Ukrainian assets, said Rinat Akhmetov.

The robbery of Ukrainian export goods, including grain and steel, has already led to an increase in prices for these goods, “increasing the number of people in the world who die of hunger. This barbarity must be stopped, and Russia must pay in full.

I believe in justice and fight for it.”

Akhmetov also called on other businessmen affected by Russian aggression to go to court. On June 11, Russian President Vladimir Putin signed a bill on the non-execution of ECHR decisions made after March 15, 2022.

The head of the international practice of the human rights group “Agora,” Kirill Koroteev, noted that the bill violates the European Convention for the Protection of Human Rights and Fundamental Freedoms.

According to the document, Russia is obliged to comply with the final rulings of the ECHR in any case in which it is a party.

Russia will cease to be a party to the Convention only on September 16, 2022, six months after it was expelled from the Council of Europe on March 16 for invading Ukrainian territory.

Russia joined the Council of Europe in 1996 and became the first country in history to be expelled from the organization. At the same time, Moscow claims that it itself has withdrawn from the Council of Europe.

Net Worth of Rinat Akhmetov

The net worth of Rinat Akhmetov, as of October 2023, stands at a staggering $5.7 billion, yet it has experienced fluctuations across time, influenced by several factors, most notably, the Donbas conflict and the incursion by Russia into Ukraine.

Net Worth Details

As of September 2021, Bloomberg estimated that Akhmetov’s fortune amounted to a staggering $10 billion, securing his position as the 241st wealthiest individual worldwide. However, at the outset of 2023, his wealth dwindled to $5.47 billion, relegating him to the 469th spot on the global wealth hierarchy.

Notably, Akhmetov stands as the sole Ukrainian entrepreneur gracing this prestigious list. According to Forbes’ international wealth catalogue, Akhmetov occupied the 327th spot in 2021, boasting a substantial wealth of $7.6 billion.

By the dawn of 2022, his capital, totalling $4.3 billion, ranked him at the 687th position among the world’s affluent elite. Yet, in 2023, his financial worth surged to $5.7 billion, propelling him to the 445th rank among the planet’s most opulent individuals.

Rise and Fall of Akhmetov’s Wealth

In an in-depth assessment of the Donetsk tycoon’s wealth, an astronomical figure of $31.1 billion was unveiled, instantly bestowing upon him the coveted title of the most opulent individual not only in Europe but across the entire CIS region.

This astonishing financial magnitude unfolded as a two-fold increase from just a year ago, casting a shadow of affluence over the assets of Russia’s wealthiest, Oleg Deripaska, by a staggering $1.5 billion. Rewind to April 2008, when Forbes pegged Deripaska’s net worth at a substantial $28.6 billion, a stark contrast to the relatively modest $7.3 billion assigned to Ukraine’s wealthiest, positioning him a mere 127th on the global wealth hierarchy.

By spring 2012, Forbes’ calculations attributed a considerable $16 billion to Akhmetov’s fortunes. However, the tide turned in March 2013, reducing his wealth to $15.4 billion, and by 2014, a further decrease left him with a seemingly modest $11.2 billion.

In November 2006, the renowned auditing firm PricewaterhouseCoopers painstakingly scrutinized the comprehensive financial records of SCM CJSC for the fiscal year 2005.

According to their meticulous report, the collective fiscal assets of the group’s affiliated enterprises stood at an impressive $7.235 billion by the year’s end. The net profit of SCM, excluding the financial results of its affiliate companies, for the year 2006 reached an admirable sum of UAH 1.232 billion.

As we reach the end of 2007, the net profit of SCM CJSC has skyrocketed to over UAH 19 billion. This remarkable surge in financial performance, as conveyed in the press release, was a direct outcome of a substantial upswing in the market value of SCM Group’s shares following their integration into the conglomerate.

Political Conflict between Rinat Akhmetov and President Zelensky

Rinat Akhmetov was a supporter of Viktor Yanukovych in the race for governor of the Donetsk region, which the former Ukrainian president won. Leonid Kuchma was the president at the time.

Akhmetov was a major figure in the country’s political scene in 2006. Yanukovych is thought to have become Ukraine’s prime minister. The businessman officially joined the Party of Regions and ran in legislative elections at the time.

Rinat Leonidovich was appointed to the Committee on Economic Policy in the Verkhovna Rada.

However, immediately after being elected president of Ukraine, entrepreneur Viktor Fedorovich began to progressively retire from politics. He stopped running in parliamentary elections and did not back Yanukovych during the coup. Akhmetov was then preoccupied with business and the work of his foundation.

In 2021, reports surfaced in the media concerning strained relations between the entrepreneur and Ukraine’s President, Vladimir Zelensky.

Reports criticizing the present government, in particular, began to emerge more frequently on Rinat Leonidovich’s channels, despite the fact that he has declared that he has no influence over broadcasting policies and supports free speech.

Nonetheless, one of the likely causes of a confrontation between the businessman and the head of state was Zelensky’s decision to pass an anti-oligarchic statute.

It restricts the right to privatize property and fund political parties. At the same time, Rinat Leonidovich has stated repeatedly that he considers himself an investor rather than an oligarch. His company, SCM, is Ukraine’s largest taxpayer.

In November 2021, during the press marathon “30 Questions for the President of Ukraine,” Zelensky revealed that he was aware of the country’s planned coup d’etat, in which Akhmetov would be involved. The legislator highlighted that because the recordings obtained do not include the entrepreneur’s voice, it is impossible to discuss his direct participation.

Rinat Leonidovich quickly released a rebuttal statement in which he branded the president’s statements as falsehoods. He reiterated his support for a united and independent Ukraine that includes Crimea and his home, Donbas.

According to experts, the battle between Zelensky and Akhmetov might have a significant impact on Ukraine’s economic and political situation, with potentially disastrous results. They expressed fear about likely business closures and large-scale protests.

How has Rinat Akhmetov contributed to the Ukrainian economy?

Entrepreneurial Domain

He stands as the originator and helmsman of System Capital Management (SCM), a conglomerate presiding over the pivotal dominions of steel production and coal mining within Ukraine.

In addition, he claims ownership and holds the distinguished position of president at Shakhtar Donetsk, a Ukrainian football institution.

Labor Genesis

The enterprises governed by Akhmetov have given rise to myriad employment opportunities across Ukraine, notably in the industrially charged coal-mining precinct of Donbas.

Financial Investments

Akhmetov‘s financial endeavours have played an instrumental role in fostering Ukraine’s economic progress. Notably, in 2004, he collaborated with Viktor Pinchuk, who is the son-in-law of then-President Leonid Kuchma, to acquire Kryvorizhstal, the largest steel mill in Ukraine, through a state asset auction.

Fiscal Contribution

Akhmetov‘s corporate entities have significantly bolstered Ukraine’s fiscal reservoirs. As a case in point, in 2018, his amassed wealth was assessed at a staggering $5.9 billion, crowning him as the preeminent economic figure in Ukraine.

Nevertheless, it is imperative to acknowledge that Akhmetov’s business methodologies have sparked contentious debates, with allegations of affiliations with organized criminal elements surfacing.

Moreover, the persistent conflict prevailing in Ukraine has exacted a considerable toll on Akhmetov‘s business empires, precipitating a marked depreciation in his accumulated wealth.

Charity and Philanthropy

For me, charity is, first of all, the ability to hear the pain of others. This is the ability to share someone else’s pain. This is a systemic fight against systemic problems. This is openness and, of course, focusing on results.

Rinat Akhmetov

Rinat Akhmetov is one of the biggest philanthropists in Ukraine. Here is a timeline of events that took place in his journey of charity and philanthropy.

2005: He founded the charitable foundation “Development of Ukraine”. The mission is to work for people, eliminating the causes of current social problems, introducing the best experience accumulated in Ukraine and abroad, creating unique systemic solutions, and striving for the maximum result with each project and action.

2007-2014: He began the Fund “Effective Management”. The foundation’s mission was to “improve the quality of life of Ukrainian citizens” by assisting “authorities at all levels in the development and implementation of economic reforms and development strategies” and supporting “an open discussion of pressing issues of Ukraine’s development.”

August 2014: The project of the humanitarian headquarters “Humanitarian Flight” began. As part of this project, food and children’s kits are regularly delivered to Donbas.

Every year, on December 19—St. Nicholas Day—since 2000, Rinat Akhmetov and composer Igor Krutoy visited boarding schools, orphanages, and other children’s institutions as part of a charity event and give children gifts.

Donations to Support Mariupol’s Defenders’ Families

Shakhtar football club owner Rinat Akhmetov pledged to give $25 million to help the families of soldiers who defended the city of Mariupol when it was attacked by the Russian military. 

One day after Shakhtar completed a deal to sell winger Mykhailo Mudryk to Chelsea for up to 100 million euros ($108 million), Akhmetov announced the donation, although the Ukrainian club claimed the funds Akhmetov pledged did not come from the transfer.

“The money will be used to cover different needs, from providing medical and prosthetic treatment and psychological support to meeting specific requests.”

Rinat Akhmetov

During the fall of Mariupol, the fighters who held out for months under relentless bombardment inside the Azovstal steel plant, which is owned by Akhmetov’s Metinvest, became a symbol of Ukrainian resistance in the early months of the invasion.

Battling the Coronavirus (Covid-19)

President of Shakhtar Donetsk, Rinat Akhmetov, said that he will finance equipment and personal protective equipment to fight the spread of coronavirus.

“Coronavirus is a disaster that the modern world has encountered on such a scale, probably for the first time. I am absolutely sure that in this situation everyone should think about how exactly they can help Ukraine and Ukrainians.

My foundation was the first to get involved in helping. And we will not stand aside any longer – we have helped, are helping and will continue to help. The foundation has already purchased the necessary equipment and personal protective equipment for doctors. We are working in full coordination with the Ministry of Health of Ukraine and will continue to help as long as necessary.

All our enterprises take responsibility for the life and health of our employees and residents of the cities where we operate. In cooperation with the Ministry of Health, we will do everything to prevent the coronavirus epidemic in the cities of our presence and throughout the country.

Only by uniting our efforts in the face of danger will we be able to ensure that Ukraine copes with all the challenges that it faces.”

Rinat Akhmetov

Main assets of Rinat Akhmetov

SCM Group, “Metinvest Holding” (mining and metallurgical company), “DTEK” (energy), “Ukrtelecom” (communication), VEGA (fixed communication and Internet), Corum Group, “Media Group of Ukraine” (media), PUMB, “ASKA” and “ASKA-life” (insurance), ESTA Holding (real estate), UMG Limited (clay production), “Parallel” (gas stations), “Ukrainian retail” (retail trade), “Portinvest”, “Lemtrans” and “Transinvest” (transport business), HarvEast.

Financial Losses of Rinat Akhmetov

Since the beginning of the war in February 2022, Akhmetov has lost two-thirds of his fortune, including steel, energy, and agricultural assets.

Around 70 enterprises owned by Akhmetov’s SCM Group, including thermal power plants, a coke-chemical plant, renewables, and branches of his First Ukrainian International Bank, were destroyed, damaged, or occupied by Russians.

In addition, a court in Moscow ruled to seize the assets of the Russian subsidiary of the Metinvest company controlled by Akhmetov, accusing him of allegedly financing the Ukrainian forces, including the Azov Regiment.

Despite his losses, he is helping the victims of the war in Donbas, in south-eastern Ukraine. He has allocated ₴35 million for this assistance and established the Rinat Akhmetov Humanitarian Centre in August 2014 to provide maximum assistance to all civilians of the Donetsk and Luhansk Regions affected by the military actions.

Seizure of assets due to support for Ukrainian Armed Forces

In Russia, the assets of Rinat Akhmetov were seized. According to reports, the oligarch sponsored the Armed Forces of Ukraine, transferring money from the current account of his Moscow company to the First International Ukrainian Bank, of which he himself was the final beneficiary.

The assets of Akhmetov in Russia were arrested at the request of the Investigative Committee. The measures were taken as part of the criminal proceedings regarding the financing of terrorism, initiated back in 2020.

The court seized dozens of real estate properties of the billionaire in Sevastopol and Belgorod, as well as 99.87% and 99% of the shares of the Metinvest Eurasia company in the authorized capital of its subsidiaries, Belgorodmetallosnab LLC and Boarding House Gornyak LLC. In addition, several cars and tens of millions of rubles in the accounts of organizations involved in the case were seized.

What is Rinat Akhmetov accused of?

The businessman sponsored the work of Ukrainian detachments in the Donbas, and after the start of the military operation of the Russian Armed Forces, he transferred money from the account of the Russian company Metinvest Eurasia, which he owned, to the necessities of the Armed Forces of Ukraine, as well as the Azov regiment (an organization banned in Russia).

Unidentified individuals from among the managers and beneficiaries of the British Virgin Islands-registered SCM Holdings Limited have transferred money specifically for the Armed Forces of Ukraine since April 2022.

What are the controversies surrounding Rinat Akhmetov?

Allegations of Criminal History

In the midst of strained interactions with a variety of paramilitary factions, Ukrainian society fervently criticized Rinat Akhmetov. The year 2016 marked a defining moment during the Euromaidan celebrations when Rinat Akhmetov’s central Kyiv office, alongside Sberbank and Alfa Bank of Russia, became the target of a rowdy and disorderly assault. Accusations flew from the Ukrainian populace, pointing their fingers at the leaders of these institutions, holding them culpable for the financial turmoil that beset Ukrainian society.

The discourse concerning Rinat Akhmetov‘s alleged criminal history became an ever-present narrative following the rise of the “orange team” in the aftermath of the initial Euromaidan. Akhmetov was summoned for an inquiry and his offices and residence were subjected to searches. However, Rinat decided to ride out this tumultuous period in Monaco. Upon his return to Ukraine several months later, he not only re-engaged in business but also began dabbling in the intricacies of politics.

Since the spring of 2015, Rinat Akhmetov found himself frequently accused of bankrolling acts of terrorism and fomenting separatist sentiments. His oligarchic press office consistently refuted these allegations. In January 2015, Ukraine’s Prosecutor General, Vitaly Yarema, disclosed that Rinat Akhmetov had been interrogated as a witness at the Prosecutor General’s Office in connection with the financing of extremist groups operating in the Donbas region.

In 2017, Rinat Akhmetov‘s commercial enterprises again became the focal point for aggressive actions by Ukrainian radical factions. Early in the year, a railway blockade was imposed on the Yenakievo Metallurgical Plant and PJSC Krasnodonugol, despite these entities regularly contributing taxes to the Ukrainian treasury. The management made the decision to place plant employees on 70% paid leave, and inevitably, due to coal shortages, certain regions declared a state of emergency in response to disruptions in the heating system.

Nevertheless, despite the challenges, over the course of Petro Poroshenko’s five-year presidential tenure, Rinat Akhmetov adroitly evaded the spectre of bankruptcy, amassing assets valued at a staggering 22 billion hryvnia.

Concerning his rapport with President Zelensky, the ongoing discord between the two figures could potentially lead to the shutdown of a number of enterprises, widespread protests, and a surge in political turbulence. This perspective was articulated by Andrey Zolotarev, the director of the Ukrainian analytical centre “Third Sector” and a seasoned political analyst.

“We’ve been witnessing this discord for over a month now. Ever since Akhmetov’s television channels, once staunchly loyal to the president, altered their information dissemination policies and adopted a markedly critical stance, the stakes have continued to rise,” observed the expert in response to Zelensky’s allegations of an impending coup d’état, with Akhmetov purportedly playing a role.

In late November 2021, the President of Ukraine, Vladimir Zelensky, revealed that intelligence agencies had apprised him of an impending coup scheduled for December 1. According to him, Ukrainian oligarch Rinat Akhmetov was purportedly involved in the coup, with “billions of dollars earmarked” for this impending event.

The international media seized upon this revelation as the harbinger of a coup within the nation. Akhmetov, however, vehemently refuted Zelensky’s claims as baseless. Nevertheless, the Security Service of Ukraine (SBU) announced the commencement of an investigation into the attempted usurpation of power within the nation, with the involvement of citizens from both Ukraine and the Russian Federation being probed.

Allegations of ties to organized crime

Rinat Akhmetov has been accused of having ties to organized crime, particularly during his early career. However, he has denied these allegations, and no criminal charges have been pressed against him.

Kryvorizhstal sale

Akhmetov’s acquisition of Kryvorizhstal, Ukraine’s largest steel mill, in a 2004 state asset sale was challenged by the government after the so-called Orange Revolution.

Political influence

Akhmetov has been accused of using his wealth to influence Ukrainian politics. For example, rivals charged that Akhmetov would bribe Verkhovna Rada deputies from President Zelensky’s Servant of the People Party to make up for the loss of support from his own party.

Humanitarian aid controversy

In March 2017, a spokesperson for Akhmetov’s foundation reported that humanitarian aid had been discontinued in the region after rebel organizations blocked access to the Shakhtar FC stadium, which serves as a centre for relief efforts in the area.

Lawsuit against Russia

Rinat Akhmetov initiated arbitration proceedings against Russia in April 2023, requesting reimbursement for assets that had been taken in the Donetsk and Lugansk regions of Ukraine. 
According to a press release, these assets consist of dozens of businesses in the mining, metallurgical, and energy industries, as well as real estate. 
Some of these businesses and properties include the Yenakiieve Metallurgical Plant, DTEK Rovenkianthracite, DTEK Sverdlovanthracite, and the Donbas Arena stadium.

Since the beginning of the Russian Federation’s full-scale war in Ukraine, Akhmetov has filed multiple lawsuits against Russia. This particular case is one of them.

 Because of Russia’s military aggressiveness against Ukraine, he took the Russian Federation to the European Court of Human Rights in the summer of 2022 and filed a complaint against them for violating human rights.

The merchant petitioned the court in Strasbourg to take immediate action against Russia and demanded compensation for the harm caused by the blockade and looting that were coordinated by the Russian Federation, as well as the disruption of grain and metal flows and the illegal redirection of these flows. 
In a previous statement, Akhmetov claimed that Russian hostility had cost him almost $20 billion in losses.

He also sought a court order “preventing Russia from engaging in further blockading, looting, diversion, and destruction of grain and steel” produced by his companies.
Akhmetov‘s wealth has dived from $7.6 billion to $4.3 billion since Russia invaded Ukraine in February, according to Forbes.

Interesting Fact about Rinat Akhmetov

Over the course of his 4.5 years of work, Rinat Akhmetov missed 529 of the 530 sessions he was supposed to be in. This is the record for most sessions missed by a parliament member. The official reason for Akhmetov’s absence is marked as “unknown”.

Sanctions on Rinat Akhmetov

Sanctions against Russian companies

In May 2023, Ukrainian President Volodymyr Zelensky imposed sanctions on Russian citizens who own shares in Ukrainian companies, including Rinat Akhmetov. This was a result of Russia’s ongoing aggression against Ukraine.

Seizure of assets

In July 2023, a court in Moscow ruled to seize the assets of the Russian subsidiary of Metinvest, a company controlled by Rinat Akhmetov.

The Russian authorities accused Akhmetov of allegedly using the money from one of Metinvest Eurasia’s accounts to finance the Ukrainian forces, including the Azov Regiment.

The Russian subsidiary of Metinvest owns the Gornyak boarding house in Krasnodar and the Belgorodmetallosnab company.

Lawsuit against Russia

In June 2022, Rinat Akhmetov filed a lawsuit at the European Court of Human Rights against Russia for gross violations of his property rights. He asked for “billions of dollars” to compensate for the blockade, looting, destruction, and theft of his grain and metal from Ukraine to Russia.

In October 2023, he filed another lawsuit against Russia seeking compensation for the losses caused by the war in Ukraine.

Investment treaty claim

Rinat Akhmetov has launched an investment treaty claim against Russia over the seizure of assets in Russian-occupied areas of eastern Ukraine.

He is seeking compensation for “interference with his business” and expropriation of his assets by the Donetsk and Luhansk republics, which it says have been “acting under Russian direction or control since 2014.”

In summary, Rinat Akhmetov has been involved in several sanctions and legal controversies over the years, particularly in relation to the ongoing conflict between Ukraine and Russia.

Concluding Lines: Rinat Akhmetov

Rinat Akhmetov‘s life and business career have been marked by a mix of achievements, controversies, and philanthropic efforts. As one of Ukraine’s wealthiest individuals, his entrepreneurial endeavours have significantly impacted the country’s economy, particularly in the steel, coal mining, and energy sectors, generating employment opportunities and contributing to Ukraine’s fiscal resources.

However, allegations of ties to organized crime, political influence, and legal disputes, including sanctions and lawsuits related to the ongoing conflict, have cast a shadow on his legacy. Yet, his extensive philanthropic work, aimed at helping those affected by the conflict, reflects a commitment to alleviating the suffering of Ukrainians in challenging times.