The Cabinet of Ministers allowed ARMA to transfer confiscated assets for the reconstruction of Ukraine
On March 7, the Cabinet of Ministers adopted a decision that allows the Agency for Search and Asset Management to transfer confiscated funds of sanctioned persons for the reconstruction of Ukraine. About this reported Prime Minister of Ukraine Denys Shmyhal during the government meeting.
“The government supported the draft resolution No. 1233 developed by ARMA, which will allow effective use of sanctioned monetary assets that have been seized in criminal proceedings and transferred to ARMA’s management.” – says the message.
Corresponding changes have been made to the Asset Management Procedure, in respect of which a court decision has been made to apply the sanction provided for in Clause 1-1 of Part 1 of Article 4 of the Law of Ukraine “On Sanctions”.
The new mechanism allows the National Agency, in agreement with the Cabinet of Ministers, to sell military bonds purchased with sanctioned assets, and to direct the proceeds to the state budget to finance the Fund for the Elimination of the Consequences of Armed Aggression. Currently, ARMA manages over 5.5 billion hryvnias, seized in criminal proceedings.
