The Cabinet of Ministers has made a decision to simplify the procedure for the sale of property owned by Russian citizens that has been confiscated under the sanctions policy. This was announced by Prime Minister Yulia Svyrydenko.
This is reported by Kyiv24
Key Changes in the Sale Procedure
According to the new regulations, the rights to claims on loans can now be included in the asset package and sold together with it as a single unit. If the first open auction does not take place, the state will automatically organize a repeat auction with a lower starting price. Subsequent stages will involve conducting auctions using the Dutch model with a price reduction. According to Yulia Svyrydenko, these changes are expected to expedite the sale of sanctioned property and increase budget revenues.
“The government has simplified the sale of sanctioned assets that have been transferred to state ownership at open auctions,” the head of the government stated.
List of Assets and Use of Funds
At the same time, the Cabinet approved a list of sanctioned assets and established a tentative schedule for their sale. Corporate rights of 26 enterprises will be put up for open auctions, including such entities as LLC “Investment Union ‘Lybid'” (Ocean Plaza Shopping Center), LLC “Mykolaiv Alumina Plant”, LLC “Kalush Pipe Plant”, LLC “AMSTEL-SKI” (hotel in Bukovel), LLC “Demurinsky Mining and Processing Plant”, LLC “Motor Detail-Konotop”, JSC “Zaporizhzhia Aluminum Plant”, and other assets.
The auctions are scheduled to begin in March, and the assets will be put up for bidding according to the time required to prepare each object.
The funds obtained from the sales will be directed to the Fund for the Elimination of the Consequences of Armed Aggression. They will be used for infrastructure restoration, economic support, and assistance to citizens. The Verkhovna Rada established this Fund in October 2022, and its funding comes from nationalized assets and the sale of confiscated property.