All Russian assets on the territory of Ukraine will become the property of the state, says Prime Minister of Ukraine

A document according to which all Russian assets on the territory of Ukraine will become the property of the state, namely the state enterprise National Investment Fund is now on the Cabinet of Ministers' table,  announced  by Ukrainian Prime Minister Denys Shmyhal during a government meeting on May 10.

"We will take away everything Russia possesses in our country, and we will use these funds to strengthen our army, support the people and rebuild our country,"  Shmygal said.

He added that partners are discussing the major plan for the reconstruction of Ukraine, and the National Council for Reconstruction have already begun work. The government says that confiscated Russian assets and funds will be one of the main sources of the Investment Fund.

We remind that on April 21, the Verkhovna Rada of Ukraine simplified the confiscation procedure of assets belonging to the sanctioned Russians, which will be directed to the reconstruction of Ukraine. The procedure will be held in three stages. The first is imposing sanctions which is the discretion of the National Security and Defense Council of Ukraine. The second stage is the search and identification of assets. The third stage concerns the direct seizure of assets, their confiscation, freezing, etc.