The Cabinet of Ministers simplified the sale of sanctioned property of Russians to finance the reconstruction of Ukraine
The Cabinet of Ministers on Friday adopted a decision to simplify the procedure for selling sanctioned assets of Russian citizens that were confiscated into state ownership. This involves the sale of such property through open auctions in order to accelerate budget revenues.
Prime Minister Yulia Svyrydenko announced the changes in Telegram, emphasizing that the state is interested in the fastest and most effective use of confiscated assets.
“We are simplifying the sale of sanctioned property of Russians — these assets should work to rebuild Ukraine”, – she noted.
According to the head of government, from now on, the rights of claim under loans are allowed to be included in the asset and sold together with it as a single lot. If the first auction does not take place, repeated auctions will be held automatically with a decrease in the starting price. In the absence of buyers, the state will apply the Dutch auction model, which provides for a gradual decrease in the value of the asset.
Svyridenko emphasized that the new rules should significantly accelerate the sale of sanctioned property and provide additional budget revenues.
In addition, the government approved the list of assets and the approximate schedule for their sale. In 2025, it is planned to put up for auction the corporate rights of 26 objects. Among them are LLC “Investment Union “Lybid””, which owns the shopping center “Ocean Plaza”, LLC “Mykolaiv Alumina Plant”, LLC “Kalusa Pipe Plant”, LLC “AMSTEL-SKI” with a hotel in Bukovel, LLC “Demurinsky Mining and Processing Plant”, LLC “Motordetal-Konotop”, JSC “Zaporizhzhia Production Aluminum Plant” and other enterprises.
The auctions will begin in March, and the timing of the assets will depend on the readiness of the property for sale. All funds received from the sale of sanctioned assets will be directed to the Fund for the Elimination of the Consequences of Armed Aggression. They are planned to be used to restore infrastructure, support the economy and help the population.
