All Russian assets in Ukraine become state property

The Cabinet of the Ministries of Ukraine reports that all Russian assets in Ukraine become state property.



A document stating that all Russian assets on the territory of Ukraine will be transferred to the state, namely to the state enterprise “National Investment Fund,” is on the agenda of the Cabinet of Ministers.

This was informed by Prime Minister Denys Shmyhal at a government meeting on May 10.

Shmyhal later wrote that the Cabinet of Ministers had approved a document according to which Russian assets in Ukraine would be transferred to the state.

“We will take away everything that Russia has in Ukraine and channel these assets into strengthening the army, supporting the people, and rebuilding our country,” Shmyhal stressed.

He adds that Ukraine has been discussing the Recovery Plan for our country with all partners, and the National Reconstruction Council and its working groups have already begun work. It is expected that one of the main sources of the Fund will be confiscated Russian assets and funds. 

It should be reminded that  on April 21, the Verkhovna Rada simplified the procedure for confiscation of sanctioned Russian individuals’ assets that would be channelled into rebuilding Ukraine. There will be three stages. The first stage is the imposition of sanctions. It will be implemented by the National Security and Defense Council. The second stage is the search and identification of assets. And the third stage is the seizure of assets, their confiscation, freezing, and so on.

Frozen Russian assets in the United States

US Secretary of State Anthony Blinken recently said that the US government is currently looking for opportunities to transfer to Ukraine the assets of the Central Bank of Russia frozen in the United States.

He explaines that the question now is whether there are provisions in the United States that allow for confiscation. This issue is being considered by employees of the Ministry of Justice. So far, the US Federal Reserve has frozen almost $ 100 billion of the Central Bank of Russia.

Also, the US House of Representatives passed a bill calling for the confiscation of the assets of Russian sanctioned legal entities and individuals, and transferring the confiscated assets to Ukraine. The bill has yet to be approved by the Senate and signed by the President of the United States.

EMPR

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