On Wednesday, the US news channel CNN reported that earlier this year Russia's government had been planning to assassinate the business executive of a major German arms manufacturer — presumably to discourage the further production of weapons and military vehicles to be delivered to Ukraine. Since the beginning of Russia's full-scale invasion in 2022, the German government has supplied €5.2 billion ($5.7 billion) worth of military equipment to Ukraine, according to an official statement.

The target, Armin Papperger, 61, is the CEO of Rheinmetall, a publicly traded company specialized in automotive and arms manufacturing. Ranked as one of Europe's largest arms manufacturers, the company is listed in Germany's leading share index the DAX, which tracks the performance of Germany's 40 largest companies on the Frankfurt stock exchange.

Unwelcome involvement

CNN cited unnamed US and Western officials as its sources, adding that the plot had been part of a series of planned attacks on heads of major European arms manufacturers supplying Ukraine.

On Friday, Kremlin spokesperson Dmitry Peskov dismissed the report, saying it "cannot be taken seriously."

A spokesperson for the German Interior Ministry, Maximilian Kall, declined to comment on "individual threat situations," but stated, "we know that [Russian President Vladimir] Putin's regime wants above all to undermine our support for Ukraine in its defense against the Russian war of aggression."

He added that, "threats range from espionage and sabotage, to cyberattacks and state terrorism." 

In German defense circles, Papperger has been known to be an outspoken proponent of Ukraine's war efforts, drawing attention with controversial proposals for ramping up German weapons provisions to Ukraine as well as frequent criticism of Berlin's hesitance to place bigger orders for Ukrainian military equipment.

Rheinmetall has been supplying Kyiv with artillery shells and military vehicles since the war began, as well as operating a repair facility for combat vehicles in Ukraine. The company also has plans to open Ukrainian plants for the production of ammunition and armored vehicles.

Expansion in the Baltics

Rheinmetall is also active in the Baltic region, where states have repeatedly expressed their concerns over Russian military aggression. In Lithuania, Rheinmetall has formed a joint venture with another leading German arms manufacturer, Krauss-Maffei-Wegmann (KMW), to provide logistical support for combat vehicles.

In April, the company signed a memorandum of understanding with Lithuania's government for the construction of an ammunition plant in the country at "the earliest possible start."

Record-breaking sales

So far, it appears the war in Ukraine has proved a lucrative market for Rheinmetall. According to the company's public financial statements, Rheinmetall raked in €7.2 billion in sales in 2023, and is expecting to top €10 billion in 2024.

Since the beginning of Russia's war in Ukraine in 2022, the company's value is estimated to have increased five-fold. In late June, the company reportedly landed its largest deal yet, when Germany's Bundeswehr ordered €8.5 billion worth of munitions. Expected in early 2025, the order is meant to primarily replenish stocks in Germany and Ukraine. The Netherlands, Estonia, and Denmark are also involved.

In early July, Rheinmetall landed another record-breaking deal when the Bundeswehr ordered 6,500 military vehicles, valued at €3.5 billion.

In May, Papperger made headlines by calling for the creation of a "European systems house" in order to compete with industry giants such as US manufacturers Northrop Grumman, Raytheon and Lockheed Martin. To this end, the company has already established joint ventures with a Czech corporation for tactical military vehicles, and an Italian corporation for combat vehicles.

Critics have roundly rejected what they have described as Rheinmetall profiteering from Germany's new security strategy towards Russia, complaining that the company was making exceedingly hefty profits from Ukrainian weapons sales. 

This article was translated from German.