December 1, 2022, 6:29

Ukrainian Agency Says Doubled Deposit Portfolio to $38Mln Mainly by Selling Russian Assets – 05.11.2022, Sputnik International

Ukrainian Agency Says Doubled Deposit Portfolio to $38Mln Mainly by Selling Russian Assets – 05.11.2022, Sputnik International

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MOSCOW (Sputnik) – Ukraine’s Asset Recovery and Management Agency (ARMA) said that it had doubled its deposit portfolio over the past two months to 1.4 billion hryvnias ($38 million), mainly by seizing and selling Russian assets in the country.

"As of September 1, 2022, ARMA's deposit portfolio consisted of 581.8 million hryvnias, $1.25 million and 2.5 [million] euros, which amounted to 717.4 million in hryvnias, while on November 1, over 1,108.5 million hryvnias, $5.2 million and 3 million euros were placed in the deposit accounts of the agency," ARMA said.

Therefore, the total amount of deposits surpassed 1.4 billion in hryvnias ($38 million), mainly sourced from the sale of seized Russian property, the agency noted.Greater deposits on ARMA’s accounts mean more financial assistance to Kiev, as they are used to buy war bonds, helping to finance Ukraine’s military needs.

"As of today, the National Agency has already purchased military bonds worth more than 450 million hryvnias, and preparations for the purchase of securities worth more than 410 million hryvnias are currently underway," the agency said.

In June, Ukrainian First Deputy Minister of Internal Affairs Yevhenii Yenin said that around 7,000 entities in Ukraine were placed under tightened control over their alleged cooperation with Russia and Belarus. According to the official, the interior ministry developed special recommendations that were sent to the National Bank of Ukraine to boost control over the transfer of foreign currency abroad.In August, the Ukrainian government approved the decree of President Volodymyr Zelensky on the confiscation of property and assets of Russian nationals in Ukraine.Western countries and their allies have rolled out a comprehensive sanctions campaign against Moscow over its special operation in Ukraine. The measures included freezing Russia’s foreign currency reserves and halting international payments from Russian banks. In mid-March, Russian Finance Minister Anton Siluanov estimated that about half of Russia’s gold and foreign currency reserves, worth over $300 billion, were frozen.


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