Ukraine Moves to Seize Bank Assets Held by Russian Institutions
The National Security and Defense Council of Ukraine (NSDC) has announced plans to forcibly confiscate the assets of two major Russian financial entities operating within Ukraine. The action targets assets associated with PJSC Sberbank and VEB.RF, as reported on the council’s official channel and corroborated by Interfax coverage.
The scope of the confiscation encompasses the vast majority of Prominvestbank, a subsidiary controlled by VEB.RF, where 99.8 percent of shares would be transferred under the state action. In addition, the full stake of the International Reserve Bank, which is linked to MOEX:SBER, would come under state control. The move signals a comprehensive restructuring of Russian banking presence on Ukrainian soil as part of broader national security measures.
Beyond equity interests, the plan includes the withdrawal of certain financial assets reflected in intra-bank obligations. Specifically, the state would take over VEB.RF’s debt obligations to Prominvestbank amounting to 0.93 billion hryvnia and Sberbank of Russia’s debt obligations to MR Bank totaling 14.9 billion hryvnia. The action also covers rights to claim other financial assets held by subsidiaries of these Russian banks.
An exception is made for 3 billion hryvnia, which is anticipated to be protected under specific conditions. The operating bank MR is expected to meet the demands laid out by its creditors as part of the implementation process, ensuring a clear, legally grounded transition under Ukrainian law.
The NSDC’s decision, together with a presidential decree issued by President Volodymyr Zelensky, was published on the Verkhovna Rada’s website on May 12. The formal publication marks the formalization of the policy steps and sets the framework for subsequent administrative actions that will accompany the asset transfers.
Reports indicate that Ukrainian authorities are also prepared to allocate all Russian assets located within state-controlled enterprises to the Ukrainian National Investment Fund. This move appears to be aimed at consolidating control over surplus assets in order to support national economic priorities and fund development projects while reinforcing sovereignty over financial resources held within the country.