ARMA and Medvedchuk's seized yacht: experts at the Institute of Legislative Initiatives analyse the first attempt to sell Ukrainian assets abroad

The Institute of Legislative Initiatives systematically monitors the activities of the Asset Recovery and Management Agency (ARMA). We pay particular attention to analysing how the agency performs its functions of managing seized assets. Our analysis covers the types of assets transferred to management, typical problems at different stages of the process, and deeper systemic factors that hinder effective management.

Using specific cases, we demonstrate how these problems manifest themselves in practice and what can be done about them. One such example is the story of the seized yacht Royal Romance, which is linked to Viktor Medvedchuk. This is the first example in history of an attempt to sell a Ukrainian seized asset abroad. However, the process proved to be extremely difficult, from lengthy negotiations with the government to pressure from lawyers on international partners.

Despite the fact that a Croatian court upheld Ukraine's decision to seize the yacht, the seizure was subsequently lifted due to the lack of an indictment from the Ukrainian side. Two attempts to conclude an agreement with international auction houses failed because they refused to cooperate after Medvedchuk's lawyers intervened.

As of May 2025, the yacht remains blocked and cannot be sold. ARMA cannot independently apply to foreign jurisdictions without the involvement of the Office of the Prosecutor General, which significantly slows down the process. To resolve this issue, a draft law has been proposed that would allow ARMA to engage in international cooperation directly.

An analytical note prepared by ILI's legal analysts also draws attention to the need for legislative changes that would allow for a quick response in similar situations and prevent the loss of valuable assets. The full document is available at this link.