Cabinet Authorizes Justice Ministry To Recover Assets Of Persons Under Sanctions To State

The Cabinet of Ministers has authorized the Ministry of Justice to recover assets belonging to an individual or legal entity subject to sanctions to the state. Prime Minister Denys Shmyhal announced this on the Telegram channel, Ukrainian News Agency reports.

"A decision was made to determine the Ministry of Justice of Ukraine as the main executive body ensuring the implementation of state policy in the field of recovery to the state of assets of persons against whom sanctions were imposed," he wrote.

It is also assumed that the Ministry of Justice will take measures to identify and search for the assets of individuals and legal entities indicated in the relevant decisions of the National Security and Defense Council (NSDC).

As Ukrainian News Agency earlier reported, on May 23, President Volodymyr Zelenskyy signed a law providing for the introduction of a new type of sanctions in the form of recovery to the state of assets belonging to an individual or legal entity that has fallen under sanctions, as well as assets that they can directly or indirectly dispose of.

The law determines that the central executive body will be responsible for the search for assets and going to court, ensuring the implementation of state policy in the field of recovery of assets to the state.

Zelenskyy signed a law adopted on May 12 by the Verkhovna Rada with its amendments.

According to the President, the law in the first version did not establish clear criteria by which a person can be classified as one of those subject to such a sanction.

The law also gave new powers to the National Agency on Corruption Prevention (NACP) regarding the identification and search for assets subject to blocking, individuals and legal entities indicated in the decisions of the National Security and Defense Council, which, according to the President, goes beyond the competence of the NACP, determined by the law "On the Prevention of Corruption."