The court seized the Ukrainian property of the Russian oligarchʼs companies for almost half a billion hryvnias

Oleksiy Yarmolenko

The court seized the property of Cypriot companies in Ukraine for a total of almost 500 million hryvnias. These companies are associated with the Russian oligarch.

This was reported by the press service of the Prosecutor Generalʼs Office.

The seized funds were in the accounts of a bank that is one of the ten largest financial institutions and included in the systemically important banks of Ukraine. The bank is also owned by Russian businessmen, the statement says. Itʼs probably Alfa-Bank, which is part of the Alfa Group of Russian oligarchs Mikhail Friedman and Herman Khan.

"According to the investigation, the Russian oligarch and businessmen, using controlled Cypriot companies and the aforementioned banking institution, legalized the assets of these companies totaling UAH 1.1 billion before the war and during Russiaʼs armed aggression against Ukraine. In the future, they withdrew part of the assets from the banking system in Ukraine, and the other was seized," stated in the Office of the Prosecutor General.

Thus, they tried to withdraw their assets from Ukraine to avoid their possible confiscation.