Only one in six of the arrested assets is working for Ukraine's budget
In 2025, the state budget received 2.46 million hryvnias, and in January – April 2026 – 4.42 million hryvnias – from arrested property linked to Colonel-General of the Russian Armed Forces Valerii Kapashin. This concerns residential and commercial real estate in Poltava and the region, transferred to the management of the Asset Recovery and Management Agency (ARMA). This is shown by an analytical study by the Institute of Legislative Ideas.
"The largest revenues were generated by two office centers with land plots: the building at 36 Stritenska Street brought in 1.06 million hryvnias in 2025 and 1.9 million hryvnias in January – April 2026, while the one at 2 Yevropeiska Street yielded 1.02 million hryvnias and 1.53 million hryvnias respectively. From the office center with a land plot at 12 Hoholia Street, the state budget received 290,000 hryvnias last year and 871,000 hryvnias this year. The shop at 62 Sobornosti Street transferred 87,000 hryvnias and 127,000 hryvnias for the corresponding periods," ILI experts reported.
However, they noted that only 9 of the 53 residential and commercial real estate objects in Poltava region belonging to the Russian general are working for Ukraine's budget. Among the identified objects overall are apartments, office centers, restaurants, hotels, land plots, and a dam. The property was registered in the name of Valerii Kapashin's daughter Oksana Veryha and the companies Alians Poltava, Veso, Novynka-Poltava, and Shervud i Ko, of which she is the ultimate beneficial owner.
"On the eve of the full-scale invasion, Oksana and her husband Lev Veryha left Ukraine and obtained Russian citizenship. In March 2023, the Security Service of Ukraine launched criminal proceedings under articles on collaborative activities, aiding the aggressor state, and financing terrorism. The real estate was arrested in August 2023, and already in September a court transferred it to ARMA's management," the study states.
ILI emphasizes that this case demonstrates a systemic problem with delays in transferring arrested assets to management. Following the announcement of preliminary consultations in June 2024, no competitions for the selection of asset managers were announced on Prozorro for nearly 10 months. In April 2025, the first seven competitions did not take place and were re-announced, while in May, competitions were announced for new lots as well.
"As of the end of May 2026, ARMA had announced 25 competitions covering only 18 of the 53 assets, with a total value of 1.09 billion hryvnias. Overall, a manager has been selected in only six competitions – the company Voyedzher Plius, with which asset management agreements for nine assets (six lots) were concluded in July and September 2025," the analysts noted.
They attribute these weak results to either a lack of bids or the winner's refusal to sign a management agreement. In five competitions, the winning bid from LLC ZAV-Poltava was also rejected due to an established connection to Valerii Kapashin and failure to confirm experience in preserving or increasing the economic value of assets.
"Following the ARMA reform, competitions that did not take place will be conducted under the new procedure for transferring assets to temporary management. This will make the process of selecting managers faster and more effective. Accordingly, arrested assets will begin generating revenues for the state budget more promptly," ILI experts believe.