Zelenskyy signed law on confiscation of property of the Russian federation and its residents in Ukraine

President of Ukraine, Volodymyr Zelenskyy signed the law “On Basic Principles of Forced Confiscation of Property of the Russian Federation and its residents in Ukraine”.The document defines the legal basis for the forced confiscation of the property of the Russian Federation on the grounds of public necessity. This was reported on the website of Verkhovna Rada.According to the law, the forced confiscation of the property of the Russian Federation and its residents in Ukraine is carried out without any compensation for their value, given the full-scale aggressive war that the Russian Federation has waged and is waging against Ukraine and the Ukrainian people.According to the text of the document, the properties of the Russian Federation and its residents – movable and real property, funds, bank deposits, securities, profit participation rights, other property (assets), which are located (registered) at the territory of Ukraine and directly or through affiliates belong to the Russian Federation and its residents.Residents are the legal entities, their branches, and representative offices operating in the territory of Ukraine, which founder (participant, shareholder) or beneficiary is directly or indirectly is the Russian Federation or legal entities where Russia has a share in the statutory capital, shares, participation units.As reported earlier, the corresponding law was adopted on 3 March.