Support The Moscow Times!

Crimea Seizes Power Plant From Ukrainian Oligarch

Rinat Akhmetov

The Crimean government on Wednesday expropriated the region's biggest power generation and grid company from its Ukrainian oligarch owner after spats with Kiev caused severe electricity outages last month.

Crimea's parliament unanimously voted to deprive Rinat Akhmetov, Ukraine's richest man, of the 57.49 stake in Krymenergo, which belonged to his energy conglomerate DTEK, the Interfax news agency reported.

Crimean leader Sergei Aksyonov said that electricity generation “should be controlled by the government” and accused Krymenergo of extorting money from Crimean companies and citizens, according to the agency.

The company will remain government property, Aksyonov added.

This was far from the first impromptu expropriation to strike Crimean business. The new Crimean authorities have seized and nationalized assets worth some $1 billion since Russia annexed the peninsula from Ukraine in March last year, according to estimates by The New York Times.

Crimea's 2 million residents were hit with blackouts last month after Kiev, which supplies most of the region's electricity, temporarily cut supplies. Ukraine, which has been forced to ration electricity amid a shortfall of coal used for power generation, said Crimea had exceeded its consumption quota. Crimean officials criticized Krymenergo during the crisis.

The Crimean parliament also on Wednesday voted to nationalize the region's interbank currency exchange, Interfax reported.

… we have a small favor to ask. As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Once
Monthly
Annual
Continue
paiment methods
Not ready to support today?
Remind me later.

Read more