Ukrainian President Volodymyr Zelenskyy signed a law into effect on Monday that aims to replenish Ukraine’s budget while simultaneously sanctioning citizens “sympathetic to Russia.”
The Ukrainian parliament passed the law on May 12. Under the law, Ukraine can seize assets belonging to individuals that support the Russian invasion for state revenue. Assets that individuals can either “directly or indirectly use” are liable for seizure, according to the president’s official website.
“The procedure of identifying and confiscating assets of sanctioned persons who in one way or another support the aggression of the occupiers against Ukraine will allow us to quickly and effectively replenish the Ukrainian budget at the expense of our enemies,” Zelenskyy’s statement said.
Ukraine’s new legislation is aimed at Russian-owned pieces of property and assets in Ukraine, specifically Russian citizens who have already been blocked from using their assets by the Ukrainian government.
For example, last week, a Ukrainian court seized hundreds of millions of dollars in assets controlled by billionaire Mikhail Fridman, a Russian oligarch born in Ukraine.
The legislation details a variety of punishable offenses, including “glorifying” those fighting against Ukraine or giving money to Russia’s government. The law additionally sanctions individuals who have “helped set up” an occupation government in the parts of Ukraine already under the control of Russia.
Its text also contains several elements to ensure a fast resolution of allegations. For example, an accused individual’s failure to appear in court will not slow down the legal process.
Further, the law stipulates a rapid appeals process to prevent a case from being tied up in court. Each party will have five days to ask for an appeal after a ruling. An “appeals panel” would then have five days to take up the matter.
The new sanctions will be in effect for as long as Ukraine operates under martial law, as it has since the invasion began on February 24. On Sunday, the Ukrainian parliament approved extending martial law in the country through late August.
