Kyiv, November 14, 2023
At the initiative of the Asset Recovery and Management Agency (ARMA), the Cabinet of Ministers of Ukraine has improved the procedure for the sale of seized assets and introduced the possibility of their sale abroad.
Corresponding amendments were made to Government Resolutions No. 719 and No. 558.
According to the new rules, all sales of seized property are carried out exclusively on the “Prozorro.Sale” electronic platform and in accordance with European legislation.
“The ARMA welcomes all investors and potential buyers of seized assets on the emergence of transparent, fair and competitive rules,” – emphasized the Head of ARMA Olena DUMA. “The adoption of these historic changes will restore confidence in tenders for the sale of seized assets and, therefore, speed up the pace of filling the state budget in wartime conditions.”
These amendments also regulate the sale of seized property abroad for the first time in the history of Ukraine. The rules initiated by the ARMA make it possible to start procedures for the sale of the 92-meter yacht Royal Romance, owned by Viktor Medvedchuk’s family and located in Croatia.
On April 11, 2022, the oligarch’s yacht was transferred into ARMA`s management for sale by the ruling of the Lychakivskyi District Court of the city of Lviv. For a year, the ARMA has been looking for mechanisms to resolve the issue of managing property located outside the country. A mechanism has now been developed that will allow the sale of seized property outside Ukraine. This is particularly important as this mechanism will allow the Agency to receive funds from the sale of expensive seized property without moving it to Ukraine, which is impossible during the war.
ARMA is convinced that the proceeds from the foreign sale of the yacht, which is estimated to be worth EUR 200 million, will become a resource for the state budget to strengthen Ukraine’s defense capabilities and contribute to the victory over the enemy.
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