State Property Fund will create a division for the management of confiscated Russian assets

A division is being created in the State Property Fund, which will deal with the management of sanctioned property and property in the temporarily occupied territories.

“The State Property Fund of Ukraine announces the selection for the position of the head of the Department of Monitoring of Sanctioned Property and Property in the Temporarily Occupied Territories,” the Fund’s press service  reports.

It is emphasized that the newly created unit will deal with the management of forcibly seized assets of the Russian Federation and its residents, the organization of joint work with the High Anti-corruption Court, the Ministry of Justice, the National Security Council and other law enforcement agencies regarding seized such assets, as well as ensuring preparation for their transfer to lease or privatization.

For example, earlier USM reported that the State Property Fund plans to privatize the Mykolaiv Alumina Plant owned by Russian oligarch Oleg Deripaska’s company Rusal by the end of the year.

Legally, the plant has not yet reached the management of State Property Fund. But the Fund plans to quickly put the asset up for auction as soon as it gets it under management.