Zelenskyy Signs Law On Recovery Of Assets Of Sanctioned Persons Into State Income

President Volodymyr Zelenskyy has signed a law providing for the introduction of a new type of sanctions in the form of collecting assets belonging to an individual or legal entity subject to sanctions, as well as assets that it can directly or indirectly dispose of, to the state revenue, adopted by the Verkhovna Rada on May 12.

The Presidential Office has said this in a statement, Ukrainian News Agency reports.

Zelenskyy signed the law adopted by the Rada with its amendments. The document defines the criteria according to which a person can be referred to the circle of those who are subject to such a sanction.

"The procedure for identifying and confiscating the assets of sanctioned persons who, in one way or another, support the aggression of the occupiers against Ukraine, will make it possible to quickly and effectively replenish the Ukrainian budget at the expense of enemies. The law provides clear instructions for the bodies responsible for this process. I hope for a productive interaction of all its participants," said President Volodymyr Zelenskyy.

The law determines that the central executive body, which ensures the implementation of state policy in the field of collecting assets of persons into state revenue, will be responsible for searching for assets and applying to the court. It is expected that such a body will be the Ministry of Justice, which should organize work to identify and search for the assets of individuals and legal entities subject to blocking, specified in the decisions of the National Security and Defense Council (NSDC).

In addition, the High Anti-Corruption Court will carry out administrative proceedings in cases on the application of a sanction in the form of recovery of assets to the state revenue.

As Ukrainian News Agency reported, on April 21, the Verkhovna Rada adopted this law, but Zelenskyy returned it with his proposals for reconsideration in the session hall.

In particular, according to the President, the law in the first edition did not establish clear criteria by which a person can be classified as one of those who are subject to such a sanction.

The law also gave new powers to the National Agency on Corruption Prevention (NACP) to identify and search for assets subject to blocking, individuals and legal entities specified in the decisions of the NSDC, which, in the opinion of the President, goes beyond the competence of the NAPC defined by the Law of Ukraine On Prevention of Corruption.

Earlier, Minister of Justice Denys Maliuska said that Ukraine has four possible directions for the confiscation of assets of Russia and related companies. Among other things, he mentioned a new law on the confiscation of Russian assets, according to which the decision on the confiscation will be made by the High Anti-Corruption Court on the basis of several dozen criteria that will determine the persons who will be subject to sanctions, including sanctions in the form of recovery of property to the state revenue.

At the same time, according to him, the transfer of property to state ownership will occur quite quickly - within a month after the collection of documents confirming Russian ownership, as well as communication and support for the aggressor state.