Yulia Svyrydenko: We are simplifying the sale of russian-owned sanctioned property — assets must be used to rebuild Ukraine

The Government has simplified the sale of sanctioned assets that have been seized by the state via open auctions. This was announced by Ukrainian Prime Minister Yulia Svyrydenko.

"We are simplifying the sale of russian sanctioned property — these assets should be used for the reconstruction of Ukraine," said the Prime Minister.

From now on, loan claims can be included in the asset and sold together with it as a single package. If the first auction is unsuccessful, the state will automatically launch a repeat auction with a lower price, following a Dutch auction model with a gradual reduction in price. This will speed up the sale of sanctioned property and increase revenue.

"We have approved a list of sanctioned assets and a preliminary schedule for their sale. The corporate rights of 26 entities shall be put up for auction, including Lybid Investment Union LLC (Ocean Plaza shopping centre), Mykolaiv Alumina Plant LLC, Kalush Pipe Plant LLC, AmstelSki LLC (Hotel in Bukovel), Demurinsky Mining and Processing Plant LLC, Motordetal-Konotop LLC, Zaporizhzhya Industrial Aluminium Plant JSC, and other assets," the Head of Government said. The auctions shall start in March. The assets will be put up for sale depending on the time needed to prepare the property for sale.

All proceeds will go to the Fund for the Elimination of the Consequences of Armed Aggression and will be used to restore infrastructure, economy and support people.