Adopts a law on forced seizure of property of the Russian Federation and its residents

On 7 March 2022, the Law of Ukraine "On the Basic Principles of the Forcible Seizure of Objects of Property Rights of the Russian Federation and its Residents in Ukraine" came into force. It regulates the procedure on the forcible seizure of property directly or indirectly owned by the Russian Federation and legal entities controlled directly or indirectly by the Russian Federation as a state. The law allows to seize both property rights that require registration under Ukrainian law – i.e. movable and immovable property, funds, bank deposits, securities, corporate rights, other property (assets) located (registered) in Ukraine (which may include IP rights); and other property rights.

• Type:

  • Treatment and operation (Nationalizations and expropriations, Other)
  • Treatment and operation (Nationalizations and expropriations)

• Industry:

  • Not industry specific

• Sources:

  • zakon.rada.gov.ua, LAW OF UKRAINE On the basic principles of forced seizure in Ukraine of objects of ownership of the Russian Federation and its residents, https://zakon.rada.gov.ua/laws/show/2116-IX#n21, 07 Mar 2022
  • mondaq.com, Ukraine: Russian Property To Be Nationalised: Risks To Consider When Doing Business With Russia-Related Counterparties In Ukraine, https://www.mondaq.com/terrorism-homeland-security-defence/1174988/russian-property-to-be-nationalised-risks-to-consider-when-doing-business-with-russia-related-counterparties-in-ukraine, 23 Mar 2022