The Government has approved the sale by the Asset Recovery and Management Agency (ARMA) of bonds confiscated by the court for almost UAH 1.8 billion. The proceeds will be transferred to the budget and directed to the State Recovery Fund.
This was announced by Prime Minister Denys Shmyhal during a Cabinet meeting on 14 March.
Shmyhal noted that the government has already allocated tens of billions of hryvnias received from sanctioned individuals, Russian banks and companies to restore and protect the country.
The Prime Minister stressed that the state is taking measures to confiscate assets both in Ukraine and abroad.
According to Shmyhal, the priority for this year is to create a mechanism for the confiscation of Russian frozen assets, which should become the main source of reconstruction.
‘Ukraine will seek full confiscation (of Russian assets - ed.). While this process is ongoing, we continue to receive funds from frozen assets,’ the Prime Minister stressed.
He added that last week Ukraine received £752 million from the UK, and yesterday it received CAD 2.5 billion from Canada. These funds, secured by proceeds from Russian assets, are being used for defence and priority budget needs.
- Recently, MEPs called on the King of Belgium to confiscate €250bn of frozen Russian assets. The MEPs signed an open letter.
- In February, Reuters reported that Russia would not mind if its frozen assets were used to rebuild Ukraine, including the occupied territories.