The Bureau of Economic Security (BES) of Ukraine has identified and agreed with the relevant state authorities 23 legal entities associated with Russia and Belarus (including through offshore companies), which it recommends to include in the sanctions list, the press service of the department reports.

"The predetermined value of the assets of the companies included in the BES list exceeds UAH 1 billion, including more than UAH 90 million in cash in bank accounts and 160 cars worth UAH 220 million," the BES said in a press release on Tuesday.

According to the report, the list includes companies importing automotive products, glass, pharmaceutical products, a wholesale supplier of fuel, a road construction company, and a manufacturer of household chemicals.

BES employees have already sent for consideration to the Interdepartmental Working Group on the Implementation of the State Sanctions Policy the relevant draft order of the Cabinet of Ministers on making proposals for the application of personal special economic and other restrictive measures (sanctions) in relation to these 23 legal entities.

"BES analysts have examined the ownership structure and financial and economic activities of these companies and found that they are under the control of the Russian Federation and the Republic of Belarus, and also come to the conclusion that their activities provide funding for the aggressor states through the payment of taxes to the budgets of the Russian Federation and the Republic of Belarus. This creates real and potential threats to national interests, national security, sovereignty and territorial integrity of Ukraine," the report notes.

After the list is agreed by the Interdepartmental Working Group, the list will be submitted to the government of Ukraine for submission to the National Security and Defense Council (NSDC) for the application of sanctions.

"The competent authorities of the European Union, the United States, Canada and other states will be informed about the entry into force of the decision of the National Security and Defense Council for their consideration of the issue of introducing similar restrictive measures [sanctions]," the press release says.

The legal entities included in the list are proposed to be deprived of the right to use and dispose of assets, they will also be blocked from withdrawing capital outside of Ukraine and the fulfillment of their economic and financial obligations to the Russian Federation and the Republic of Belarus will be stopped.

"This is only the first list of such companies. Now two more lists with 25 and 54 business entities that BES recommends including in the sanctions lists are being coordinated with the relevant authorities," the press service quotes BES director Vadym Melnyk.