President of Ukraine Volodymyr Zelensky signed the Law “On Amendments to Certain Laws of Ukraine on Improving the Effectiveness of Sanctions Related to the Assets of Individuals”, adopted by the Verkhovna Rada on May 12, 2022.

This was reported on the official page of the Office of the Head of the Ukrainian State .

The law establishes a new type of sanctions by collecting assets belonging to an individual or legal entity, as well as assets that it can directly or indirectly dispose of, to the state’s income.

“The procedure for identifying and confiscating the assets of sanctioned persons who in one way or another support the aggression of the occupiers against Ukraine will make it possible to quickly and effectively replenish the Ukrainian budget at the expense of enemies. The law provides clear instructions for the bodies responsible for this process. I hope for productive interaction of all its participants” , the President noted.

The law determines that the central body of executive power, which ensures the implementation of state policy in the field of collecting assets of persons into state revenue, will be responsible for searching for assets and applying to the court. This body will be the Ministry of Justice of Ukraine, which should organize the work to identify and search for the assets of individuals and legal entities subject to blocking, specified in the decisions of the National Security and Defense Council of Ukraine.

In addition, the Supreme Anti-Corruption Court (VAKS) will carry out administrative proceedings in cases on the application of a sanction through the recovery of assets to the state revenue.

As reported, the Verkhovna Rada extended martial law in Ukraine until the end of the summer. President Volodymyr Zelensky explained why he signed decrees on the extension of martial law and mobilization .

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