Ukrainian Prime Minister Shmygal: Kyiv intends to confiscate 903 assets owned by Russia Kyiv intends to confiscate assets owned by the Russian state, sanctioned citizens and companies from Russia, as well as Russian banks /673xH/media/img/7/99/756597160699997.webp 673w” type=”image/webp” media=”(max-width: 320px) and (min-resolution: 192dpi)” >
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On March 10, the President of Ukraine signed the law “On the Basic Principles of Compulsory Seizure in Ukraine of Objects of Property Rights of the Russian Federation and Its Residents”. According to the document, the seizure of such property in the country will be carried out “without any compensation for its value.” Then the document concerned only the property of legal entities.
However, in early April, Kyiv extended the law to individuals. It separately mentioned the citizens of Russia; persons closely associated with Russia; companies that operate in Ukraine and whose beneficiary is Russia.
Decisions on confiscation of property are made by the National Security and Defense Council of Ukraine on the proposal of the government.
In early May, Zelensky returned to the Verkhovna Rada the law on the confiscation of Russian assets, amending it. He noted that the law does not establish clear criteria by which a person can be classified as one of those who are subject to such a sanction.
Earlier, the head of the National Bank of Ukraine (NBU), Kirill Shevchenko, admitted that the Ukrainian authorities could confiscate assets of Sberbank and Prominvestbank totaling about $884 million. he elaborated.
On May 23, the President of Ukraine also signed a law on the confiscation of property and assets of persons supporting Russia's special military operation in Ukraine. We are talking about individuals and companies that “in one way or another” support a special military operation.
British Foreign Secretary Liz Truss said that London was “very carefully” is considering the possible confiscation of the frozen Russian assets and their transfer to Ukrainian citizens or the country's authorities affected by hostilities.
Canadian authorities have developed a bill that allows the sale of confiscated assets of people who fell under the sanctions. The proceeds can be used to rebuild a foreign country “affected by a gross violation of international peace and security.” The country's Senate approved the bill on June 25.
At the same time, the US Treasury Department indicated that the confiscation of the assets of the Russian Central Bank would be illegal from a legal point of view. “Given the massive destruction in Ukraine and the massive rebuilding costs they will face, we will look to Russia to help pay at least some of the cost,” said the head of the department, Janet Yellen.
The Kremlin said that if foreign countries took measures to seize Russian assets in favor of Kyiv, “it would be, in fact, outright theft,” which would require a response from Moscow. Russian President Vladimir Putin warned that “theft of other people's assets has never brought anyone good.”
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