Thursday, June 30, 2022

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War-torn Ukraine to hound, confiscate assets, of those suspected of supporting Russia

New Delhi, May 24, 2022- Volodymyr Zelenskyy, the President of Ukraine, signed on Monday the law which allows confiscating the assets of individuals who have supported the ongoing ‘special military operation’ of the Russian forces in Ukraine.

Verkhovna Rada, the Ukrainian parliament, had voted for this law on April 21 but Zelenskyy had returned it with his proposals for reconsideration in the session hall. After the adoption of the amended law, he signed the document on Monday.

“The procedure of identifying and confiscating the assets of sanctioned persons who in one way or another support the aggression of the occupiers against Ukraine will allow to quickly and effectively replenish the Ukrainian budget at the expense of enemies,” the head of state said.

The law establishes a new type of sanctions in the form of recovery in the state revenue of assets belonging to a natural or legal person, as well as assets that it can directly or indirectly dispose of.

According to the Ukrainian President’s office, there are clear criteria according to which a person can be classified as one of those to whom such a sanction applies.

“Thus, it is determined that the central body of executive power, which ensures the implementation of state policy in the field of recovery of state assets, will be responsible for finding assets and going to court. It is expected that such a body will be the Ministry of Justice of Ukraine, which should organise work to identify and search for blocked assets of individuals and legal entities specified in the decisions of the National Security and Defence Council of Ukraine,” it said today.

Kiev has already adopted the law on the basic principles of the forcible seizure of objects to which the Russian federation and its residents have property rights in Ukraine.

The law defines urgent defence needs as the legal basis for the forcible seizure of objects to which the Russian Federation has property rights. It establishes the rules and procedures under which Ukrainian authorities can expropriate the property owned directly or through affiliates by the Russian Federation on the territory of Ukraine.

The preamble of the law states that the law was adopted in response to “Russia’s full-scale aggression against Ukraine” and is aimed at protecting of the sovereignty and territorial integrity of Ukraine, its national interests, and its national security.

In his daily video address to the nation, Zelenskyy said on Sunday night that Kiev is expanding its international ties every week to get everything it needs to end the war as soon as possible.

“On Monday I will join the discussions at the Davos Forum. This is the world’s most influential economic platform, where Ukraine has something to say. There will be other public presentations during the week, including an address to the Stanford University community. As well as a special format of communication with the political and expert communities of Indonesia,” he said. (Agency)

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