According to Ukrainian media reports, a swiss based Russian titanium trader named Dmitry Raikhelson, who has alleged connections to the state-owned Rostec corporation, is making moves to take over the Zaporizhzhia Titanium & Magnesium Plant (ZTMKP) in Russian-occupied parts of Ukraine.
The ZTMKP is one of the largest titanium producers in Europe and a key strategic asset for Ukraine’s metallurgical industry. However, its operations have been disrupted by the ongoing Russo-Ukrainian war raging in the regions where the plant is located.
Raikhelson controls the Swiss-based Interlink Metals & Chemical. Established in 1992, Interlink Metals & Chemicals has developed into one of the world’s largest distributors, traders and users of various titanium products. Raikhelson purportedly sees an opportunity to gain control over ZTMKP’s facilities and resources by leveraging his ties to Rostec, the massive Russian state conglomerate that owns companies across diverse sectors like defence, metallurgy and automotive.
Ukraine’s government has accused Rostec of involvement in looting and asset-stripping Ukrainian companies in occupied territories. Taking over ZTMKP would be a major prize for Raikhelson and his Russian backers, cementing their grip over a crucial titanium supply source.
Ukrainian officials are raising alarms about these efforts, which they view as illegal attempts to seize sovereign Ukrainian property and resources during the war. They have vowed to resist such moves and defend the integrity of strategic national assets like ZTMKP.
The tussle over ZTMKP reflects how Russia’s invasion has turned into a broader economic conflict, with battles being waged over control of key industrial assets and resource flows in addition to territory. Ukraine will need to stay vigilant against such incursions into its corporate landscape as it fights to repel the Russian offensive on multiple fronts.
For reference.
For a long time, the owner and director of Interlink Metals & Chemicals AG was businessman Igor Raichelsen, who was born in Leningrad but currently resides in the USA and Russia. Today, however, the beneficiary of the Swiss company Interlink Metals & Chemicals AG is Igor’s 30-year-old wife, Yekaterina Astashova, while Christian Fluri serves as the nominal director of the American subsidiary, Interlink Metals & Chemicals Inc., which is headed by Joshua Raichelsen, Igor’s son.
