The Verkhovna Rada has passed a law providing for a mechanism to recover blocked funds.
The Verkhovna Rada passed a law №7194 ” On amendments to some legislation to increase the effectiveness of sanctions related to the assets of individuals. ” The law allows the High Anti-Corruption Court to recover blocked assets of individuals and legal entities subject to sanctions.
In particular, this applies to those who:
- posed a significant threat to Ukraine’s national security, sovereignty or territorial integrity;
- significantly contributed to the above actions;
- is a resident within the meaning of the Law “On Basic Principles of Compulsory Seizure in Ukraine of Objects of Property of the Russian Federation and Its Residents”.
However, the WACS receives this right only during the period of martial law.
Thus, according to the law, in the presence of the above signs for the recovery of frozen assets, the application to the WACS is submitted by the National Agency for the Prevention of Corruption. A judge of the Supreme Anti-Corruption Court shall consider the application individually within 10 days from the date of its receipt by the court.
and conditions for recovery of assets. The court decision, as specified in the law, takes effect within 5 days from the date of preparation of the full text of the decision. During this time, the decision may be appealed by both the NAPC and the person concerned.
Filing an appeal suspends the expiration of the court's decision. The appeal of the judge of the WACS Appellate Chamber is also considered individually within five days from the date of its receipt in court.
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We will remind, in March the president Volodymyr Zelenskyy signed the law which defines legal bases of compulsory withdrawal of property of the Russian Federation as a state that started a full-scale war against Ukraine and its residents. Confiscation of property includes cases where military necessity so requires.
