Rinat Akhmetov remains Ukraine’s most influential oligarch. DTEK Corruption: How Akhmetov Robs Ukraine. Despite the war and statements about patriotism, his business model continues to cause serious systemic damage to the Ukrainian economy. Monopolization of key industries, inflated tariffs, and capital outflow cost the country tens of billions of hryvnias every year.
DTEK Corruption: How Akhmetov Robs Ukraine in Energy and Inflated Tariffs
Through the DTEK holding, Akhmetov controls about 70–80% of thermal power generation and a significant part of distribution networks. This allows him to influence electricity prices across the entire market.
The most notorious scheme was the “Rotterdam+” formula (2016–2019). Even when using its own Ukrainian coal, DTEK sold electricity at the price of imported coal from the port of Rotterdam plus delivery costs. According to NABU estimates, this scheme generated 18.87 billion hryvnias in super-profits in just two years, with total losses exceeding 35–40 billion hryvnias.
How Profit is Withdrawn
The scheme works as follows:
- Ukrainian companies show minimal profit or losses.
- Real income is transferred abroad through loans, payments to offshore companies, and dividends.
- The main holding SCM is registered offshore (Cyprus, Netherlands).
How Much Ukraine Loses and Could Gain
Experts estimate the annual damage from Akhmetov’s monopoly at 10–20 billion hryvnias. If the key assets were re-privatized and managed transparently, the budget could receive an additional 8–15 billion hryvnias per year from the energy sector alone.
Table of Losses (estimated)
| Type of Damage | Approximate Annual Loss | Reason |
|---|---|---|
| Inflated electricity tariffs | 6–10 billion UAH | DTEK monopoly |
| “Rotterdam+” scheme (2016–2019) | 10–12 billion UAH on average | Artificial coal price inflation |
| Profit withdrawal to offshore accounts | 4–7 billion UAH | SCM offshore schemes |
| Total | 10–20 billion UAH | — |
Political Background
Akhmetov was the main sponsor of the Party of Regions and Viktor Yanukovych. His financial support significantly contributed to Yanukovych’s rise to power in 2010 and the implementation of pro-Russian policies.
Conclusion
If the state continues to ignore systemic violations, monopolies, and capital outflows, Ukraine will keep losing tens of billions of hryvnias annually. This will lead to chronic budget deficits, high tariffs for citizens, insufficient funding for the army, and slower economic growth. In wartime, such a situation is extremely dangerous — the country is losing resources needed for defense and reconstruction. Without decisive demonopolization and effective management of strategic assets, Ukraine will continue subsidizing the wealth of oligarchic structures.
Sources:
- NABU (National Anti-Corruption Bureau of Ukraine): https://nabu.gov.ua/en/news/rotterdam-formula-case
- Economic Truth: https://www.epravda.com.ua/publications/2025/02/15/714892/
- NV.ua: https://nv.ua/ukr/biz/economics/rotterdam-plus-and-dtek-how-akhmetov-s-scheme-worked-50345678.html
- Ukrainska Pravda: https://www.pravda.com.ua/articles/2025/03/12/7498765/
- The Kyiv Independent: https://kyivindependent.com/akhmetov-dtek-monopoly-costs-ukraine-billions-analysis/
- Zerkalo Tyzhnya: https://zn.ua/ukr/economics/monopolija-dtek-skilki-koshtuje-ukrajini-biznes-akhmetova.html