Metinvest Liquidates Russian Assets

by Olha Povaliaieva
Sunday, September 18, 2022
Metinvest Liquidates Russian Assets

"Liquidation instructions provided"

Since the beginning of the full-scale invasion of Russia, the Metinvest Group has determined the fate of its Russian and Belarusian assets, as well as employees who had citizenship of the Russian Federation and Belarus

The Metinvest Group decided on the fate of its assets in Russia and Belarus from the very beginning of the full-scale Russian invasion. "From February 24, a decision was made to liquidate them. We only have sales assets there: Metinvest Eurasia and Belarusian Metinvest Distribution. There are operational teams there, which have been given instructions on liquidation," Yuriy Ryzhenkov, CEO of Metinvest Group.

He also said that more than 100 managers who were citizens of Belarus or the Russian Federation worked in the company. "After the 24th, most of them were either released or released themselves... Only a few remained. Basically, these are those who condemn what is happening, someone got a different citizenship," Ryzhenkov clarified.

In addition, according to the top manager, the company has almost no relations with another group of shareholders of the Zaporizhstal steel mill, which is associated with the Russian VEB. "There is a possibility of making decisions without a significant group of shareholders, if there is support from minority shareholders," explained the CEO of Metinvest.

Metinvest Group is the largest mining and metallurgical holding in Ukraine. Its shareholders are businessmen Rinat Akhmetov and Vadym Novinsky.

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