Since the beginning of the war, the state budget has received 28 billion of confiscated Russian assets
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As a result of arrests and other mechanisms of confiscation of assets of Russians and collaborators since the beginning of the great war, the state budget received 28.3 billion hryvnias.
It is reported Trap Aggressor based on the answers of the State Treasury Service of Ukraine, decisions in the court register and ARMA news.
They became the biggest “donor” to the budget funds from nationalized Russian banks in the total amount of UAH 25.8 billion. The State Treasury reported that as of May of this year, revenues to the special fund of the state budget are:
- for 2022 – 17 billion 670 thousand UAH;
- for 2023 – UAH 8.8 billion.
These are the funds of Ukrainian subsidiary banks “Sberbank” and “Web.RF” (“International Reserve Bank” and “Prominvestbank”), the nationalization of corporate rights and financial assets of which took place according to the decision of the NSDC dated May 11, 2022.
Also, as of the beginning of June, it is known about acquisition by the Agency for Search and Asset Management of military bonds for UAH 1.6 billion.
“Property seized during criminal proceedings enters ARMA. If the asset quickly deteriorates, it is sold, and military bonds are purchased with the proceeds, which are placed in a special account. The funds continue to belong to the previous owner of the sold property, although it remains seized. This process is risky, because in the case of lifting the arrest from the property, it must be returned to the owner either in bonds or in money.However, currently the funds are already in the budget – and this is the most important thing during the war, – analysts explained.
It is not known for certain whether all these UAH 1.6 billion came from the sale of the aggressor’s assets, but ARMA received UAH 1.32 billion from the sale of Russian ammonia. Also, in addition to ammonia, the Agency also sold Belarusian potash.
ARMA also claims that part of the bonds are bought with the assets of the aggressor.
The agency is also looking for administrators for the seized companies. Representatives of ARMA cannot name the exact number of companies they manage and identify Russian or Belarusian companies among them. Therefore, it is also impossible to calculate the amount of funds that the budget received.
Last year, ARMA sent to the budget UAH 34.8 million from managing all assets. But for the year 2022, only a few cases are known when ARMA appointed managers for Russian assets, so these millions should not be counted as funds of the aggressor’s companies. For the first quarter of 2023, the budget received UAH 378,000 from the management of seized gas stations in Medvedchuk.
In addition, the transfers of seized funds to the account of the Ministry of Defense’s GUR according to a court decision are documented. In the court register since the beginning of the great war, there are three cases on the assignment of payment to scouts to ensure the defense capability of Ukraine for a total amount of UAH 791 million:
- UAH 491 million of the Aydar company were seized;
- UAH 240 million, probably also the affairs of the All-Ukrainian Development Bank, whose owner was Oleksandr Yanukovych;
- UAH 53 million from the accounts of the Greenfield tea producer.
As for sanctions, it is not so easy to “exchange” assets confiscated under such a law for money.
“When the Ministry of Justice wins lawsuits against the Russians in court, then the property must be transferred to the state, for example, to the State Property Fund, so that the Fund can sell this property in the future according to privatization procedures,” the analysts explained.
As of June 2023, none of the recovered assets from the sanctioned persons have yet been realized.
“Ukraine received UAH 28.3 billion through various confiscation mechanisms and from the seizure of property from Russians, but it can receive much more. The confiscation of the aggressor’s assets should attract funds from the sale of dozens of businesses to the budget, and as of now, only 12 companies of Russian oligarchs have been confiscated.
Also, in Ukraine, more than 900 commercial objects belonging to Russia have not yet been nationalized, and dozens of arrested companies have not yet received managers from ARMA, the profits from which should also go to military bonds or other government accounts,” concludes Trap Aggressor .
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