The FSMU said when they plan to start selling confiscated assets of Russians
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Ukraine hopes to start selling confiscated Russian assets to finance reconstruction as early as this year.
This was stated by the head of the State Property Fund Rustem Umyerov in a comment Reuters.
“The Russian business was a significant market player in some industries, some say it had a huge market share. But no one estimated the exact value of these assets.
Our goal is to take everything into state ownership, prepare and sell. We want these enterprises to work for the state of Ukraine, for Ukrainian citizens,” Umyerov said.
Identifying all Russian assets in Ukraine is a long and complex process involving various government and law enforcement agencies. This year, FSMU wants to sell up to 102 assets, mainly real estate and cars.
“They can be transferred to the FSMU only after a court decision is made regarding the seized and nationalized assets. Now they need to be transferred so that the state can sell the ownership to the new owner without legal proceedings and complications,” the official explained.
He added that such work is currently underway – preparation for privatization.
“I asked my colleagues to do it in the second quarter, and at the end of the second, at the beginning of the third quarter we will be ready to sell these assets,” said the head of the Fund.
The process of extracting Russian assets turned out to be slow and complicated. President Volodymyr Zelenskyi issued decrees imposing sanctions on hundreds of Russian citizens, including oligarchs whose assets are among the largest in Ukraine, for alleged links to Russia’s invasion last February.
These decrees give Ukraine the right to sue for confiscation of property belonging to Russians under sanctions. But the process requires approval from various government agencies and often faces opposition from asset owners who are trying to find legal loopholes to keep their assets.
After the foundation received the seized assets, it is working to resolve legal issues, resume operations, and pay taxes and wages.
As an example, Umerov cited the Demurinsky Mining and Processing Plant, the world’s largest producer of titanium for the aerospace industry, which was confiscated from a Russian businessman in February.
According to him, production at the enterprise, which employs 284 people, has been partially restored, and the fund hopes to sell it this year.
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