Ukraine to Auction First Four Seized Assets Under Sanctions Regime

Ukraine Initiates Sale of Sanctioned Assets

According to Главком: The Ukrainian government has begun the process of selling off assets seized under sanctions, following a meeting between Prime Minister Yuliia Svyrydenko and the heads of the State Property Fund and the State Service of Geology and Subsoil. The meeting reviewed the status of these asset sales and the verification of dormant mineral extraction licenses. This move is part of a broader effort to mobilize resources for the state during wartime.

The Cabinet of Ministers has already approved a schedule for the sale of sanctioned assets, which encompass a total of 26 properties nationwide. As part of this initiative, the State Property Fund has transferred 1.2 billion hryvnias to the Fund for the Liquidation of the Consequences of Armed Aggression by Russia. This sum was raised from leasing retail space in the nationalized Ocean Plaza shopping mall.

Assets Slated for Auction

Prime Minister Yuliia Svyrydenko stated that the government is providing full support to expedite the auction of the first batch of sanctioned assets. According to the schedule, the following four properties will be put up for sale:

• The Ocean Plaza shopping mall (owned by Investment Union 'Lybid' LLC)
• Mykolaiv Alumina Plant LLC
• The Amstel-Ski hotel in Bukovel
• Demurinsky Mining and Processing Plant LLC

Furthermore, Svyrydenko announced that mineral extraction licenses for deposits that were idle before the full-scale invasion will be revoked. She emphasized that assets must not remain idle but should contribute to the country's economy. The Prime Minister instructed officials to accelerate the audit of these licenses and to develop systemic solutions for subsoil use by March.

The launch of these asset sales is a crucial step for bolstering Ukraine's budget amid an economic crisis caused by Russian aggression. Proceeds are earmarked for addressing the consequences of the war, highlighting the urgency and priority of these measures. The process is also designed to attract investment and optimize the use of natural resources, which could aid economic recovery and job creation.