Noble Capital RSD LLC has filed a lawsuit in the US District Court for the District of Columbia against the Russian Federation, the Russian Ministry of Finance, the Bank of Russia, and the Russian National Welfare Fund, demanding recognition of obligations under sovereign bonds of the Russian Empire placed with investors in the US and recovery of at least $225.8 billion from the defendants. The court documents are available here: https://ia800707.us.archive.org/35/items/gov.uscourts.dcd.281398/gov.uscourts.dcd.281398.1.0.pdf
According to the text of the complaint, the plaintiff is asking the court to issue a declaratory judgment on the principal debt and interest (adjusted for gold), as well as to recognize the possibility of “set-off” of this amount against “blocked sovereign assets of the Russian Federation” in accounts with financial institutions where such assets may be located. Claims for interim measures have also been filed – a ban on the transfer or “mobilization” of blocked assets and the appointment of an equitable receiver for the purposes of enforcement.
The case materials show that the defendants were notified of the lawsuit on October 1, 2025, and the court granted the Russian side an extension to respond to the lawsuit until January 29, 2026.
This construction (settlement through a private law dispute) can be seen as an attempt to shift the discussion of frozen assets from the realm of political confiscation to the realm of civil law mechanisms.
After February 24, 2022, some countries froze significant amounts of Russian sovereign assets. The European Union froze €210 billion, with Euroclear holding approximately €193 billion of these funds.
https://ia800707.us.archive.org/35/items/gov.uscourts.dcd.281398/gov.uscourts.dcd.281398.1.0.pdf
Noble Capital RSD LLC is a private company in the form of an LLC registered in the state of Delaware (USA). In court documents, it is described as the assignee and legal owner of a block of “sovereign bonds” placed in the United States during the Russian Empire.
S1 REIT has published the results of a scheduled revaluation of S1 VDNG fund assets as of the end of 2025. According to the conclusions of an independent appraiser, the market value of real estate in the fund’s portfolio shows stable positive dynamics.
Key valuation indicators:
Value dynamics: the average price per square meter increased from $2,124 (at the time of acquisition) to $2,244 (as of December 31, 2025).
Net capitalization amounted to +5.7% in currency terms for the reporting period.
The growth in the value of S1 REIT’s assets correlates with general market trends. According to LUN, the secondary real estate market in Kyiv showed positive price dynamics in 2025. The average price per square meter increased by 11% in currency terms.
“S1 VDNG is primarily an income fund where investors receive ‘live’ money every month. However, it is important to understand that the total return on our instrument consists of two parts: regular dividends from rental activities and the capitalization of the asset itself. We buy real estate that not only works but also becomes more expensive every year thanks to its successful location and effective management,” comments Viktor Boichuk, commercial director of S1 REIT.
The S1 VDNG fund continues to demonstrate stable payments. Since April 2025, investors have been paid dividends totaling UAH 1,229,818.99. The price of one investment certificate as of January 14, 2026, is UAH 1,100.4, which is 10.04% higher than the price of the certificate as of April 9, 2025.
“We are grateful to investors who believed in the REIT model in Ukraine. Today, we see synergy: according to the results of 2025, the fund received 8.4% per annum in dollars or 11.7% in hryvnia from leasing. And the total annual return, taking into account rental activity and capitalization, is 16.9% in dollars or 20.5% in hryvnia,” adds Viktor Boichuk.
About us:
S1 REIT is a real estate investment fund specializing in income-producing real estate in the Build-to-Rent format. The fund operates under the Real Estate Investment Trust (REIT) model, providing investors with the opportunity to participate in the ownership and income generation of income-producing properties without directly managing the assets.
Currently, S1 REIT has two funds in its portfolio: S1 VDNG and S1 Obolon. The funds’ assets are apartments in income-generating buildings from the developer Standard One.
* Past performance of the fund is not a guarantee of future returns. Before investing, please read the terms and conditions and consult with a financial advisor.
Investment REIT company Inzhur plans to merge five of its funds into one—Inzhur REIT—and is considering investments in retail parks, according to the company’s Telegram channel. According to the report, Inzhur REIT will include the funds “1001,” “2001,” Inzhur Supermarket, “Inzhur Zhitny,” and Inzhur Ocean. At the same time, Inzhur Energy will remain a separate fund.
Inzhur REIT will be valid until May 20, 2045, with a nominal value of UAH 10 per certificate and a yield of 9.5% per annum in US dollars. The planned issue is UAH 10 billion. The company will convert the acquired certificates of existing funds at the net asset value into certificates of the combined fund.
“Inzhur’s strategic goal for the next three years is to teach one million Ukrainians to invest at the most comfortable price: the new combined fund will make this possible,” the company said.
The new fund is expected to invest in real estate, land plots, corporate rights of companies, construction of new facilities, corporate bonds, and domestic government bonds. At the same time, retail parks should become a new area of investment.
“Retail Park is a very popular European form of ‘everything in one place’ establishments. Along highways and on the outskirts of cities, with excellent parking, there are various stores united by the concept of a shopping area. Inzhur is already purchasing land for its first retail park in the Kyiv region, exploring options, and conducting negotiations,” the statement said.
As Inzhur founder Andriy Zhurzhiy told Interfax-Ukraine, plots of 1.5-3 hectares in the suburbs with high traffic of potential buyers are being considered for future retail parks.
In addition, Inzhur is already preparing to acquire an existing shopping and entertainment center west of Kyiv worth about $36 million: technical, legal, and financial audits are being conducted, and documents are being prepared to obtain permission for the acquisition from the Antimonopoly Committee. It is noted that the shopping and entertainment center generates 15% of net operating income annually.
The first Ukrainian service for joint real estate acquisition, Inzhur REIT (Real Estate Investment Trust), was launched in early 2022 before the war. As of August 7, six Inzhur REIT real estate funds managed assets worth UAH 3.56 billion, had 20,400 co-owners, and generated UAH 866.7 million in dividends.
The founder and investor of Inzhur is Andriy Zhurzhii, chairman of the supervisory board of the investment fund Zhurzhii Ventures. The fund owns the development company Smile Development (which built and sold more than 35 Silpo and Fora supermarkets to investors, as well as the Optimisto residential complex in the village of Hatne near Kyiv) and the asset management company Investment Partners, which manages assets worth UAH 45 billion in Ukraine and the European Union.
A private equity fund from Central Asia – Brickstone Private Equity Fund CEIC Ltd (Kazakhstan) – has acquired Ukrainian construction company Watzenrode.
“As of July 15, 2025, I am no longer a shareholder of Watzenrode. This large company, which I founded in 2013, has grown to become a key player in the Ukrainian construction and now renovation market, showing stable growth even in wartime. The new owner, a private equity fund linked to the largest construction group in Central Asia, has multi-billion dollar revenues,” founder Ilyas Ertle said on LinkedIn.
According to YouControl, Brickstone Private Equity Fund CEIC Ltd (Kazakhstan) became the new owner with a 100% stake.
“With the change of management, Watzenrode has effectively become the construction company with the strongest financial backing in Ukraine. This creates an environment that sets Watzenrode up for success and for becoming a central player in the reconstruction of Ukraine,” Ertle wrote.
The team will continue to be led by Oleksandr Gura, Ilyas Ertle remains on the board of directors at the suggestion of the new shareholder.
Watzenrode provides design, construction and engineering services in the roles of contractor, general contractor and technical customer. In particular, the company was a subcontractor for the construction of the confinement of the Chernobyl nuclear power plant, realized together with NEFCO the project of renovation of the water supply system in Borodyanka, was selected as a general contractor for the expansion of the UNBROKEN Ukraine clinic in Bryukhovichi near Lviv at the end of 2024, etc. According to YouControl, Watzenrode LLC’s revenue for 2024 amounted to almost UAH 369.275 million, which is 2.3 times more than in 2023. The company’s net profit grew last year by 29% to UAH 13.8 million.
The US National Academy of Sciences is working to create a new multimillion-dollar joint science and innovation fund for Ukraine, US Special Representative for Ukraine’s Economic Recovery Penny Pritzker said.
“It will fund specialized cutting-edge research in the service of Ukraine’s economic development,” she said at the U.S.-Ukraine Partnership Forum on Wednesday in Washington.
She said similar initiatives by the U.S. National Academy of Sciences have already been implemented for Israel, India, Egypt, Pakistan and Mexico.
“This is in addition to $230 million in support for Ukraine’s private sector, including new funding for farmers, entrepreneurs, and small businesses in rural and underbanked communities,” Pritzker added.
According to the U.S. National Academy of Sciences website, it is launching the Science and Innovation Fund for Ukraine, supported by about $8 million from the Simons Foundation and the Chan Zuckerberg Initiative and other U.S. philanthropic organizations, with the goal of raising at least $15 million to support the first three years of operation. ETH Zürich is also in the works to create it.
It is noted that the Foundation will provide merit-based grants to individuals and organizations for a range of activities, including: workshops to address scientific issues critical to Ukraine’s long-term renewal; bilateral and multilateral initiatives to advance science policy practice.
It is also envisaged to support Institutes on priority S&T topics contributing to the future of Ukraine; fellowships and research grants to support early and intra-career scientific exchanges; and training on the commercialization of scientific research
It is envisioned that it will include grant funds to support the participation of Ukrainian researchers in international scientific research.
It is stated that the Fund will be managed by a Secretariat based at the U.S. National Academy of Sciences, which will attract partners in Ukraine, additional funds, manage the application process, allocate and monitor the Fund’s expenditures, and evaluate the impact and effectiveness of the Fund’s activities.
The Norwegian government is preparing to invest about NOK 1.5 billion in the UK-led International Fund for Ukraine.
According to the Norwegian government’s website, the investment comes in addition to the NOK 400 million that Norway previously donated to the fund. The funding was used to purchase drones, drone suppression equipment and artillery shells.
The new donation is part of the NOK 3 billion that the Norwegian government will provide for military support to Ukraine in 2022.
