ARMA sold seized property worth UAH 980 million since the beginning of the year

Over the past 11 months, the Asset Recovery and Management Agency (ARMA) has sold seized property, including russian one, for more than UAH 980 million, which is several times more than the amount of sales for all previous years combined. This was reported by Acting Head of ARMA Dmytro Zhoravovych during a briefing at Ukraine Crisis Media Center.

He noted that due to significant volumes of property sales, ARMA’s deposit portfolio in the state bank reached a record value, currently amounting to almost UAH 1.5 billion.

The head of the Agency noted that in contrast to the pre-war period, when the money on the deposit did not bring any benefit to the state until there was a court decision on their confiscation (which in practice did not happen), today ARMA has received a legislative opportunity to buy military bonds at the expense of deposit funds. This allows to finance the Defense Forces of Ukraine through the sale of seized property without having to wait for confiscation rulings.

Currently, ARMA has already purchased 4 packages of securities, which allowed to transfer about UAH 866 million for the needs of the Armed Forces. Thus, the National Agency today is the only central executive body that purchases the military bonds, and in fact the only state body that strengthens the country’s defense capability through the sale of russian assets.