12:15 12.05.2022

NSDC decides to forcibly seize assets of Russia's Sberbank, VEB.RF in Ukraine

2 min read
NSDC decides to forcibly seize assets of Russia's Sberbank, VEB.RF in Ukraine

The National Security and Defense Council of Ukraine (NSDC) decided to forcibly seize such property rights of the Russian Federation and its residents in Ukraine as 99.772644% of the shares of Prominvestbank (PIB, Kyiv) owned by the state development corporation VEB.RF, and 100% of the shares of the International Reserve Bank (IR Bank, formerly Sberbank, Kyiv), owned by Sberbank of Russia.

According to its decision of May 11, approved on the same day by Presidential Decree No. 326, financial assets are also seized in the form of rights to claim debt of VEB.RF to PIB for UAH 0.93 billion and Sberbank of Russia to IR Bank for UAH 14.9 billion .

In addition, other financial assets of these subsidiaries of Russian banks are seized, with the exception of UAH 3 billion of IR Bank, which are directed to satisfy the requirements of its creditors.

The corresponding decision of the National Security and Defense Council and the presidential decree were published on the website of the Verkhovna Rada on Thursday.

As reported, on April 9, the government of Ukraine decided to seize corporate rights and financial assets withdrawn from the market at the beginning of the war by IR Bank and Prominvestbank. As the Cabinet of Ministers clarified, this decision, in fact, is the practical implementation of the law on the basic principles for the forced seizure of objects of property rights of the Russian Federation and its residents in Ukraine.

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