The War Has Reined In Ukraine’s Oligarchs, at Least for Now

For weeks, they fended off Russian assaults, holed up in a vast steel mill under barrages of missiles and mortars. And when the Ukrainian troops defending the Azovstal plant finally surrendered in May 2022, the mill had been reduced to rubble and twisted metal.

The fighting at Azovstal, in the besieged city of Mariupol, was a signature moment in the early months of Russia’s full-scale invasion of Ukraine.

It was also a major setback for Ukraine’s richest man, the plant’s owner.

With the destruction of Azovstal, the owner, Rinat Akhmetov, lost an industrial jewel accounting for one-fifth of Ukraine’s steel output — a multibillion dollar loss that dealt a severe blow to his longtime grip on the Ukrainian economy.

Mr. Akhmetov’s case underlines how the war, by ravaging Ukrainian industry, has curbed the power of the country’s so-called oligarchs, tycoons who have long reigned over the economy and used their wealth to buy political influence, experts say.