Does not look like separation. Looking closely at the pic (full magnification) one can see that the damaged ring extends in streaks towards the center (look near the 1:2.8 marking). Would suggest someone has over-enthusiatically cleaned the lens, insisting on the periphery, and degraded the AR coating to a state where is is "milky". Maybe (just maybe) the way to rescue that lens is to remove uniformly the AR coating on the front surface, using Cerium oxide (found as a supply for stone polishers).

Or, find yourself another cheap "for parts" compatible Contaflex, with (e.g.) a dead shutter and scavenge its front element.