Ukraine nationalizes $48 million in assets owned by Russian oligarch.

Support independent journalism in Ukraine. Join us in this fight.

Ukraine's High Anti-Corruption Court approved the Justice Ministry's claim to nationalize a manufacturing enterprise belonging to Russian oligarch Viktor Kononov worth more than Hr 2 billion (£48.4 million), the Security Service of Ukraine (SBU) said on July 25. Since the start of the full-scale invasion, Ukrainian courts have continued to seize various assets belonging to Russian oligarchs as well as Ukrainian pro-Russian officials and politicians. Kononov, a Russian billionaire sanctioned by Ukraine, served as the director of the publicly traded enterprise "VinnytsiaPobutkhim" based in Vinnytsia Oblast.

A conglomerate, the enterprise operated a number of companies that specialized in producing cosmetics as well as household cleaning products, the SBU said. Kononov has served as a public supporter of Russia's full-scale invasion of Ukraine, and has contributed financially to support the Kremlin's war effort, according to the SBU. As part of the nationalization of the assets, 100 per cent of the company's shares, as well bank accounts associated with the company, industrial and transportation equipment, and owned real estate will be redirected to the Ukrainian state.

Earlier on July 25, in an unrelated case, Ukraine's Asset Recovery and Management Agency (ARMA) reported that the agency sold two vehicles seized from pro-Russian oligarch Viktor Medvedchuk.

The proceeds will go towards purchasing Ukrainian military bonds.

Ukrainian agency sells vehicles seized from pro-Putin oligarch to buy military bonds

The proceeds from the sale of two vehicles seized from pro-Russian oligarch Viktor Medvedchuk will be used to support the Ukrainian military, Ukraine's Asset Recovery and Management Agency (ARMA) reported on July 25.