Business news from Ukraine

Sanctioned property in Ukraine will be sold at online auctions in Prozorro.Sale

Sanctioned assets will be sold through online auctions in the state electronic trading system Prozorro.Sale, the relevant Procedure for the management of sanctioned assets was approved by the Cabinet of Ministers of Ukraine at the request of the Ministry of Economy at the end of November 2023.
“The government is consistently implementing the best practices of managing state assets through their sale at transparent and competitive electronic auctions,” commented Deputy Minister of Economy Oleksiy Sobolev.
According to him, the Procedure creates a comprehensive legislative framework for the management of various assets related to the aggressor country, as well as increases the confidence of potential investors in the public property management system and helps attract long-term investments, which is a priority for the coming years.
The Ministry of Economy reminded that the government approved this decision pursuant to Law 3137-IX, which has been in force since June this year, amending the sanctions legislation, and now the law and the Procedure determine the procedures for the sale of the recovered sanctioned property – assets owned by residents of states that carry out armed aggression against Ukraine.
According to these documents, the State Property Fund (SPF) will organize electronic auctions for the sale of sanctioned property in the Prozorro.Sale system, and the proceeds from its sale and lease will go to the accounts of the Fund for Liquidation of the Consequences of Armed Aggression.
“The SPF has been selling state property at online auctions in the Prozorro.Sale system for more than five and a half years, and during this time the state budget has received almost UAH 12 billion. The sale of sanctioned property through ProZorro.Sale will also allow for its transparent and competitive management in favor of the state,” said CEO of ProZorro.Sale Serhii But.
He reminded that the Cabinet of Ministers has already approved decisions on the sale of seized assets managed by the ARMA and confiscated Russian assets through the Prozorro.Sale system.
It is specified that participants in the auctions for the sale of sanctioned assets will be able to participate in them by registering through one of the platforms accredited in the Prozorro.Sale system, the current list of which is always available on the website, where all information on online auctions for the sale of sanctioned assets will be posted.
The function of the state electronic trading system Prozorro.Sale is to ensure that no one can interfere with the bidding process, that everyone has equal access to the auction, and that anyone can follow online auctions in real time, the release says.
Prozorro.Sale is 100% state-owned and subordinated to the Ministry of Economy, and operates an electronic trading system that hosts online auctions for the sale of public assets. For more than seven years of operation, Prozorro.Sale online auctions have helped to raise more than UAH 80 billion to the budgets of various levels.

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