The decision of the National Security and Defense Council on the forcible seizure of property rights of the Russian Federation in Ukraine has been in force since May 19.
Despite the fact that the state budget needs money like never before , the government is in no hurry to confiscate the assets of Russian banks in Ukraine. On May 19, 2022. The decision of the National Security and Defense Council to forcibly confiscate the property rights of the Russian Federation and its residents, including banks with Russian capital, in Ukraine has come into force. The deadline for its implementation has come to an end and the editorial office of ZN.UA sent a request to the main executor of the “bank confiscation” of the Deposit Guarantee Fund of individuals, as is clear from the answer – the process is far from complete due to slow government.
< p>In particular, the DGF informed us that: “in order to ensure proper implementation of the above regulations, the Fund in a short time prepared and sent letters to the National Investment Fund of Ukraine; Ministry of Economy of Ukraine; National Bank of Ukraine; National Bank of Ukraine; NSSMC; Cabinet of Ministers of Ukraine. Appropriate changes were made and approved to the register of accepted claims of creditors of PIB and MRB.
In response to the instructions of the Cabinet of Ministers, the Fund, for its part, developed a draft procedure for the transfer of forcibly seized assets to the National Investment Fund of Ukraine. As part of the working group, the project is being agreed and finalized. Finally, the procedure for the transfer of forcibly seized assets to the State Enterprise “National Investment Fund of Ukraine” must be approved by the Cabinet of Ministers of Ukraine. “
Recall that we are talking about highly liquid financial assets of banks withdrawal of which should be directed to the state about 23 billion UAH.
Olga Bilay, Deputy Managing Director of the Deposit Guarantee Fund, commented on the situation:
“With the initiative to forcibly seize the financial assets of MR Bank and Prominvestbank, the National Bank of Ukraine came out in early March this year. Such a procedure has not been used in our country before, so the process of developing a mechanism for its implementation took time. At the time of the decision of the National Security and Defense Council of Ukraine and the Decree of the President of Ukraine of 11.05.2022, which put the decision into effect, we already had an understanding of what steps need to be taken by the Fund to implement it and a preliminary action plan. finished. Given the unprecedented decision, the entire state apparatus is actually involved in the implementation of this initiative. Today there is a working group, which in addition to the Fund involves representatives of the Ministry of Economy, the Ministry of Finance, the NBU and others. I want to assure you that the Fund is ready to ensure the transfer of assets in the amount determined by the Decision of the National Security and Defense Council and the Presidential Decree as soon as possible. “
So, the ball is on the side of the government in solving this issue and it is still unclear why it is in no hurry to withdraw additional funds in favor of the state.
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According to ZN.UA , the law does not clearly define who should search for and identify Russian assets. It is known that the Prime Minister instructed the Ministry of Economy to compile a list of property rights of the Russian Federation and its residents. It will do so on the basis of proposals provided to the agency by central executive bodies, oblast state/military administrations, and other state bodies. The list is currently being formed, but some government agencies have begun to publicly highlight their achievements in the field of Russian property search. Read more in the article by Khrystyna Zelinska, TI Ukraine Innovation Project Manager – “Great Confiscation: What Russian Assets Will Pass to Ukraine”.
