The government has approved a draft presidential decree on the confiscation of 903 objects in Ukraine that belong to Russia.

This was stated by Prime Minister of Ukraine Denys Shmyhal, according to “Економічна правда”.

"As promised, we are confiscating Russian assets for the benefit of Ukraine and the Ukrainian people. We are doing this systematically and in accordance with all procedures. We are not substituting the law for our desire, but are implementing this strategic task in a legal way. The confiscated assets are converted into funds for our defence and recovery," the Prime Minister said.

Therefore, the government has decided to confiscate Russian property and assets in Ukraine. In particular, the Cabinet of Ministers approved a presidential decree that proposes the confiscation of 903 objects belonging to the Russian state.

Of these, 79 items are corporate rights and 824 items are property.

"These are hundreds of buildings, corporate rights, land plots and financial assets. All property is divided into three categories: the first category is property owned by the Russian state, the second category is assets owned by sanctioned citizens and companies from Russia, and the third category is assets of Russian banks," the Prime Minister said.

He added that the confiscated assets will be converted into funds that will be used for Ukraine's defence and recovery.

Read all about the confiscation of Russian assets and the Ukrainian model in our research.