Ukraine to auction confiscated Russian assets
Ukraine plans to start selling confiscated Russian assets later this year. These are to be sold at auctions to finance the country’s reconstruction, State Property Fund head Rustem Umerov told Reuters on Thursday. “Our goal is to take everything into state ownership, process it and sell it,” he explained. “We want these companies to work for the Ukrainian state, for Ukrainian citizens.” Up to 102 assets are expected to be sold this year, mainly real estate and cars.
Russian companies have been significant market players in some sectors. “But no one has estimated the exact value of these assets,” Umerov said. Catching up on this now is a complicated process. Various government and law enforcement agencies are involved. “They can only be transferred to the State Property Fund after a court decision on confiscated and nationalized property has been made,” Umerov said. That is being worked on now. The first assets could then be sold at the end of spring or beginning of summer.