The Government has approved the procedure for using the finance of the Fund for the elimination of the consequences of russia's armed aggression. According to Prime Minister Denys Shmyhal, this procedure determines, in particular, the issues of use of the funds for reconstruction, selection of projects, and priority of facilities to be restored first, as well as the transparency in reporting.
The Fund is being replenished with confiscated russian assets in Ukraine, as well as with funds that the National Bank of Ukraine will transfer to the budget.
The Cabinet of Ministers has endorsed a resolution as well allowing to settle the sale of seized Russian assets and property, the resource being one of the sources for replenishment of the Fund for the elimination of the consequences of russia's armed aggression. According to Denys Shmyhal, the budget already has a UAH 17 billion resource confiscated from russian banks.
“We have frozen and confiscated hundreds of properties that belonged to the russian government or russian oligarchs in Ukraine. Many of these facilities have been actually idle. The Government will launch an open and absolutely transparent sale of this property. This means open auctions where Ukrainian or foreign businesses can purchase the confiscated assets,” noted the Head of Government.
Prime Minister has told all the proceeds from this sale will be used to rebuild Ukraine, our energy system, people's homes, to carry out demining and many other things that bring back hope for a better future.
Denys Shmyhal added the sales auctions would be held under the same principle as small-scale privatization. The State Property Fund will be responsible for them, hence the principle of openness, transparency and competition will be preserved.