"We do not mean that we get billions": how Ukraine earns from the confiscated assets of the Russian Federation

In Ukraine, almost every week reports on the arrest of companies and accounts of Russians. However, the income from the selected property, as explained by the Minister of Justice Denis Masus, our country will only receive in the medium and long term. The Ukrainian authorities, with the beginning of a full -scale invasion of the Armed Forces of the Russian Federation, have launched a mechanism for confiscation of assets located in the territory of our country within the framework of sanctions.

The idea was relevant, since Moscow is unlikely to agree to pay the reparations for the damage caused during the war. Meanwhile, the Ukrainian government seized the funds to the Fund for the elimination of the consequences of armed aggression, but the confiscation of assets has not yet enriched the Ukrainian budget. The Minister of Justice Denis Masus told this in an interview with Ukrinform. He explained that the Ukrainian state received a certain cash after the confiscation of Russian assets.

These are funds stored in the accounts of individual enterprises. However, as the minister noted, it is impossible to say that these are "space sums", since all these objects are complex, so income can be obtained "in the medium and long term".

"But, again, if we talk about the safety and limitation of the influence of Russians on the economy of the country, from the point of view of the best practices of the sanction mechanism and in terms of future long-term results, such as privatization of the seized assets-this mechanism works, it is active, and already a lot Russian groups, oligarchs, deputies have lost their assets in Ukraine, "the minister explained.

Masuska also said that the Ukrainian authorities did not hope to receive a considerable amount of funds after the confiscation of Russian assets. This idea had to be implemented in order to show international partners that our country was to use sanctions. The confiscation also helped to get rid of the Russians' influence on the Ukrainian economy.

"Accordingly, we are already saying that dozens of affairs are considered, a huge bunch of assets are transferred to the management of the State Property Fund or to the state income, both monetary assets and individual enterprises, shopping centers. That is, an array of assets is quite large, another thing is that financial The result from these operations is quite distant, that is, this does not mean that as a result of these processes we will receive billions in cash, "the minister said.

As of May 2023, UAH 61. 7 billion was received by the Fund for the Elimination of Armed Aggression. The head of the Parliamentary Committee on Budget of Roksolana Podlas noted that within the framework of the forced seizure of the state-aggressor funds the Fund received more than UAH 25 billion, and more than 35 billion is 50% of the National Bank of Ukraine in 2022.