Essence of the Act:
The Resolution introduces changes to the management procedure for assets confiscated under sanctions legislation. The main focus is on managing government bonds and monetary funds. The document details the mechanisms for transfer/sale of confiscated government bonds and the procedure for transferring funds to the state budget.
Structure and Main Provisions:
1. Changes affect two points of the basic Procedure (paragraphs 14 and 15)
2. New version of paragraph 14 establishes two options for handling confiscated government bonds:
– transfer to the State Property Fund account for further redemption
– sale through a professional capital market participant
3. Supplement to paragraph 15 regulates the procedure for transferring confiscated funds to the budget
Key Provisions for Application:
– Funds from the sale of confiscated assets are directed to the fund for eliminating consequences of armed aggression
– ARMA has 10 working days to sell “Military Bonds” after the respective Cabinet of Ministers decision
– Upon receiving a court decision on cash confiscation, ARMA has 3 working days to transfer funds to the budget
– All operations with government bonds are carried out through professional market participants, 100% of whose shares are state-owned
