Law on the Nationalization of the Property of Russians in Ukraine

by Olha Povaliaieva
Saturday, April 2, 2022
Law on the Nationalization of the Property of Russians in Ukraine

On April 1, the parliament approved the law "About the specification of a circle of residents of Russia from whom the property in Ukraine will be withdrawn"

Law No. 7169 describes the mechanism for the nationalization of the property of Russians on the territory of Ukraine. The law also applies to those Ukrainians and Ukrainian companies that support the war and occupation, continue to do business on the territory of the aggressor country, and do not plan to stop their activity.

The law introduces clarifications into the already existing law On the basic principles of compulsory withdrawal in Ukraine of objects of property rights of the Russian Federation and its residents”. The law now covers:

  • Persons who are not citizens of the Russian Federation, but who have a close connection with the aggressor (who have a place of residence or are engaged in their main activity);
  • Legal entities (their branches, representative offices) operating in Ukraine, but whose beneficiary is the Russian Federation;
  • A legal entity in Ukraine in which the Russian Federation directly or indirectly owns a share in the capital or is a founder/beneficiary.
  • In addition, individuals or legal entities, regardless of citizenship and place of residence, who publicly deny or support the armed aggression of the Russian Federation against Ukraine, may fall under the law.

It should be noted that, within the framework of the law, the property will not only be sent to the funds and reserves of our state but will be considered “on account of future reparations in favor of Ukraine, subjected to aggression by the Russian Federation.”

Glory to Ukraine!

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