The Government of Ukraine has approved new rules for the sale of seized property by the Asset Recovery and Management Agency (ARMA), according to which they are carried out exclusively on the ProZorro electronic platform, and can also take place abroad.

"The rules initiated by ARMA open up the opportunity to begin procedures for the sale of the 92-meter yacht Royal Romance, owned by the family of Viktor Medvedchuk and located in Croatia," ARMA said in a press release on Tuesday.

According to it, the government made corresponding changes to its resolutions No. 719 and No. 558 on Tuesday.

"The adoption of historical changes in essence will allow us to restore confidence in competitions for the sale of seized assets and, therefore, accelerate the pace of filling the state budget in war conditions," the message quotes head of ARMA Olena Duma. According to her, the new sales rules are transparent, fair and competitive.

The agency recalled that by order of the Lychakivsky District Court of Lviv, Medvedchuk's yacht was transferred to the management of ARMA on April 11, 2022 for its sale. During the year, the Agency was looking for mechanisms to resolve the issue of managing property located outside the country. According to the release, the cost of the yacht is estimated at $200 million.