Medvedchuk’s yacht won’t hide: the Cabinet of Ministers allowed the sale of seized assets abroad

The Cabinet of Ministers improved the procedure for the sale of seized assets and normalized their sale abroad.

The government introduced the possibility of selling seized assets abroad, АРМА reported.

Corresponding changes 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 electronic platform and in accordance with European legislation.

“The adoption of essentially historic changes will allow us to restore confidensanctionsce in tenders for the sale of seized assets and, therefore, speed up the pace of filling the state budget in wartime conditions,” ARMA head Olena Duma commented.

In addition, for the first time in the history of Ukraine, the introduced changes normalize the sale of seized property abroad. The ARMA-initiated regulations open the possibility to start the procedures for the sale of the 92-meter yacht Royal Romance, which belongs to the family of Viktor Medvedchuk and is located in Croatia.

On April 11, 2022, the oligarch’s yacht was handed over to the ARMA department for its sale by the decision of the Lychakiv District Court of Lviv. During the year, the Agency was looking for mechanisms to resolve the issue of property management outside the country. Right now, a model has been invented that will allow the sale of seized property outside of Ukraine. This is especially important, since such a mechanism will allow to receive funds from the sale of valuable seized property without moving it to Ukraine, which is impossible during the war.

Funds from the foreign sale of the yacht, the value of which is roughly estimated at 200 million euros, will become a resource of the state budget to strengthen Ukraine’s defense capabilities.