UAH 2 billion for the Armed Forces of Ukraine: ARMA invests seized online casino funds in military bonds
The Asset Recovery and Management Agency (ARMA) has announced plans to purchase UAH 2 billion worth of military bonds using seized funds from companies that provided online casino services. These companies were linked to Russian businesses and capital held on accounts in Ukraine.
According to the law, ARMA is authorised to invest up to 80% of the total amount of funds on deposit accounts in military bonds, subject to the approval of the Cabinet of Ministers of Ukraine. This currently allows the agency to purchase UAH 2 billion worth of bonds.
The Head of ARMA, Olena Duma, has already signed an order to purchase this amount of war bonds, which is now awaiting approval from the government.
ARMA also reported that the total amount of seized funds managed by the agency has exceeded UAH 10 billion, a record amount.
It is worth noting that this is not the first time that ARMA has invested seized funds in military bonds. In July, the agency made its first bond purchase using seized currency, investing $31 million and €6.5 million. This investment generated up to $1.6 million in revenue, which was transferred to the state budget.
The purchase of the war bonds was made possible by a law signed by President Volodymyr Zelenskyy in May, which allows ARMA to use seized foreign currency to invest in bonds to support the Ukrainian Armed Forces.
