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Ukrainian Economy
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Zelenskyy proposes to confiscate assets of Sberbank and VEB.RF in Ukraine

Author
Valery Moiseev

СНБО 11 мая решил принудительно изъять в Украине такие права собственности РФ и ее резидентов:

On May 11, the National Security and Defense Council decided to forcibly confiscate in Ukraine the following property rights of the Russian Federation and its residents:

  • 99.77% of the shares of Prominvestbank (PIB) owned by the state development corporation VEB.RF;
  • 100% of the shares of the International Reserve Bank (IR Bank) owned by Sberbank of Russia.

President Volodymyr Zelenskyy put this decision into effect on the same day with his decree No. 326 and registered with the Rada a bill No. 7371, which should approve his decree. Such a procedure is provided for by the law "On the forced seizure in Ukraine of items of property of the Russian Federation and its residents."

Financial assets in the form of rights to claim debt of VEB.RF to PIB for 0.93 billion UAH and Sberbank to IR Bank for 14.9 billion UAH are also subject to confiscation.

In addition, other financial assets of these subsidiaries of Russian banks are seized, with the exception of 3 billion UAH of IR Bank, which are directed to satisfy the claims of its creditors.

Recall that on April 9, the government of Ukraine decided to seize IR Bank’s and PIB’s corporate rights and financial assets withdrawn from the market at the beginning of the war.

On March 11, the National Bank submitted a letter to the Cabinet of Ministers, in which it proposed to forcibly seize the financial assets of IR Bank and PIB in favour of the state. It was reported that a total of about 26 billion UAH could be confiscated in favour of the state.

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Сabinet of ministers Sberbank of Russia