The Ukrainian Verkhovna Rada passed a law supporting the National Security and Defense Council’s decision to take Sberbank of Russia and VEB.RF assets in Ukraine.

“With 334 votes in favour, the Rada adopted a presidential decree on the seizure of Russian property,” MP Yaroslav Zheleznyak wrote on Telegram.

The Verkhovna Rada website has the text of the bill “On Approval of the President of Ukraine’s Decree ‘On Decision of the National Security and Defense Council of Ukraine of May 11, 2022 ‘On Seizure of Property of the Russian Federation and Its Residents”

“To seize in Ukraine such property rights of the Russian Federation and its residents as 99.772644 percent of shares of Prominvestbank (PIB, Kyiv) owned by the state development corporation VEB.RF and 100% of shares of the International Reserve Bank (MR Bank, formerly Sberbank, Kyiv) owned by Sberbank of Russia,” according to the documents.

Other financial assets of the Russian banks’ subsidiaries are also seized, with the exception of UAH 3 billion transferred to meet creditors’ claims by MR Bank.

As previously reported, the National Security and Defense Council decided on March 11 to extend sanctions against Sberbank JSC and Prominvestbank PJSC, two Russian banks.

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