On October 9, 2024, the Verkhovna Rada of Ukraine did not support the draft law No. 11280-1, which would have unblocked the management of seized corporate rights of Russian and Belarusian assets without the consent of their owners. The Asset Recovery and Management Agency (ARMA) emphasizes that this draft law is critical for Ukraine's economy during the war, as it would allow the use of the aggressor's assets to rebuild the country.

Current legislation requires the consent of russian or belarusian owners to manage their assets, which, according to ARMA, is unacceptable in times of war. As a result, many assets continue to work in favor of the aggressor or are idle, bringing no benefit to the state.

ARMA notes that the adoption of this draft law could be a powerful tool for increasing state budget revenues. Instead of the assets generating profits for their Russian owners, these funds could be used to rebuild Ukraine. An example of the success of such initiatives is the 12 billion UAH earned by ARMA from the management of other assets that are already within the agency's competence.

One of the reasons for the failure of the vote was a statement by the head of the "Batkivshchyna" faction, who, citing a letter from the European Business Association (EBA), called for the draft law to be rejected. However, the ARMA claims that the EBA's comments did not contain clear legal arguments and did not justify the need to reject the draft law.

In addition, Ukrainian business associations uniting 119 organizations publicly expressed their support for the draft law, urging MPs to ensure effective management of seized assets: https://urb.org.ua/biznes-zaklika%d1%94-prijnyati-klyuchovi-pro%d1%94kti-zakoniv-dlya-pidvishhennya-efektivnosti-arma/

ARMA calls for a constructive dialogue and joint work with MPs to resolve the issue. The Agency emphasizes that in time of war, every seized asset should work for the victory of Ukraine, and not bring profit to the aggressor.