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Posted On

22
February
2023

New decree being prepared on forced seizure of objects of property rights of Russia and its residents in Ukraine – stock market commission

KYIV. Feb 22 (Interfax-Ukraine) – The National Securities and Stock Market Commission (NSMSC) has agreed on a draft decree of the President of Ukraine “On the decision of the National Security and Defense Council of Ukraine of 2023 “On the forced seizure in Ukraine of objects of property rights of the Russian Federation and its residents.”

As stated in the report on the website of the National Securities and Stock Market Commission, the relevant decision was made by the Commission at a meeting on February 17.

There are no other details of the document in the Commission’s information.

The previous decree of the same name was issued by President Volodymyr Zelensky on May 11, 2022, approving the corresponding decision of the National Security and Defense Council (NSDC), and the next day it was approved by the Verkhovna Rada. That decision concerned the assets in Ukraine of Sberbank of Russia and VEB.RF

The legal basis for such actions was laid down by the Parliament on March 3, 2022, the law “On the main principles for the forced seizure in Ukraine of objects of property rights of the Russian Federation and its residents” (No. 2116-I). “Objects of property rights of the Russian Federation and its residents, the registration of ownership of which is not required in accordance with the law, become the property of the state from the day the decision of the National Security and Defense Council of Ukraine is put into effect by the decree of the President of Ukraine,” the law says.

The law requires the approval of such presidential decrees in the Rada no later than six months after the lifting of martial law in the country.