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Govt settles confiscation of Ukrainian assets of Russian Sberbank, VEB through National Investment Fund
KYIV. Sept 19 (Interfax-Ukraine) – The Government of Ukraine has decided to transfer to the National Investment Fund the shares of Ukrainian subsidiaries of the Russian Sberbank and VEB, as well as their rights under loans to Ukrzaliznytsia with a debt of approximately $397.6 million, to Electrotyazhmash for UAH 516.9 million, Artem Holding for UAH 205.1 million and Zorya-Mashproekt for UAH 2.325 billion.
Government order No. 815 dated September 13 was published on its website and adopted in accordance with the decision of the National Security and Defense Council of May 11 this year on the forced withdrawal of the assets of Sberbank and VEB, which was put into effect on the same day by president’s decree and approved by the Verkhovna Rada on May 12.
According to the order, the Ministry of Economy shall submit proposals for the further use of these assets, in particular, authorized bodies for managing them.
The Deposit Guarantee Fund (DGF) was also proposed to transfer to the special fund of the state budget the amount of the balance of funds on the savings accounts of the subsidiaries of Sberbank and VEB – respectively, IR Bank and Prominvestbank – as of May 19 this year, with the exception of UAH 3 billion of IR Bank, which are to pay depositors and liquidate the bank.
In addition, the DGF also received a recommendation to transfer all government bonds of the indicated subsidiaries of Russian banks to the National Investment Fund, which will then transfer them to the Ministry of Finance for cancellation, while the coupons and repayments previously paid on them should be transferred to the state budget special fund.
The order specifies that the rules on transferring to the special fund will come into force after its creation. Bill No. 8027 was submitted to Parliament on September 13.
Prime Minister Denys Shmyhal said at a press conference last week that the first money of the fund will most likely be the confiscated UAH 15.8 billion withdrawn from the market in the early days of the war from IR Bank and PIB, subsidiaries of Russian Sberbank and VEB. According to him, these funds will be used to restore housing and public buildings.
