The Rada allowed the forced nationalization of Russian assets – what does this mean

The Verkhovna Rada adopted a law on the nationalization in Ukraine of property and funds of legal entities originating from Russia, since it is an aggressor country.

The corresponding draft law No. 7122 “On the basic principles for the forced seizure in Ukraine of objects of property rights of the Russian Federation and its residents” was supported by people’s deputies at a plenary meeting on March 3.

The text of the law notes that the decision to forcibly seize objects of the property rights of the aggressor country should be taken by the National Security and Defense Council, and put into effect presidential decree.

The solution must contain:

• list and identification of objects of property rights subject to compulsory seizure;
• names of persons whose objects of property rights are subject to compulsory seizure;
• the timing of the forced withdrawal of each object.

It is assumed that no later than 6 months after the abolition of martial law in the country, the presidential decree must be approved by the Verkhovna Rada.

After the compulsory seizure of objects of property rights of the Russian Federation and its residents, they are transferred to economic management on a temporary or permanent basis to a specialized state enterprise.

The document also notes that this law does not cancel the right of Ukraine to demand that the Russian Federation be held accountable and compensate for the damage caused.

Help for Ukrainians

The government has also prepared a new program to help Ukrainians who have lost their jobs due to Russia’s war against our country.

It provides for payment to all employees and sole proprietors who, due to the actions of the aggressor, were left without work in the amount of UAH 6.5 thousand without additional conditions.

The launch of the program was announced by Volodymyr Zelensky, the details of the launch date are still unknown.

Segodnya also wrote that PrivatBank announced new credit holidays and told when pensioners would receive their funds.