Ukraine seizes the assets of Russian businessmen in order to confiscate them

The Prosecutor General’s Office of Ukraine reported today, Tuesday, that the Ukrainian authorities confiscated the property of enterprises in the Sumy region of Ukraine, owned by Russian businessmen, with a total value of $3.85 million.

Ukraine’s Prosecutor General’s Office said today in a message following a statement from Telegram: “Property of companies owned by Russian citizens totaling more than 142 million hryvnias ($3.85 million) has been confiscated.”

He pointed out that the prosecutor’s office of the Sumy region opened seven criminal cases against economic entities under the pretext of financing business for Russia, indicating that work is underway to confiscate property under arrest.

On March 10, 2022, President of Ukraine Volodymyr Zelensky signed a law that includes the principles for the forced confiscation of assets belonging to Russia and its citizens on the territory of Ukraine.

According to the document, the Ukrainian authorities can nationalize property on the basis of public necessity without paying any compensation.

In April 2022, the Ukrainian parliament approved a bill simplifying the process of confiscation of the assets of Russian citizens who are sanctioned in Ukraine, and then the Ukrainian government announced that all Russian property in the country would be nationalized.

Source: News

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