SUPPORT UKRAINE’S WAR-RAVAGED ECONOMY
One of the properties that will be put up for sale will be Kyiv’s Hotel Ukraine, which has witnessed important moments in the nation’s history since it opened in 1961.
The hotel will be for sale with a starting price of US$25 million.
This comes as increasing revenue streams for Ukraine’s war-ravaged economy becomes an urgent task.
The country’s budget deficit is set to rise to a record US$43.5 billion, partly due to delays in military aid from the United States.
It will cost US$16 billion to fund immediate restoration needs this year, and at least US$400 billion for post-war reconstruction.
Since 2022, nearly all of Ukraine’s tax income has been spent on fighting against Russia’s invasion.
Kyiv has had to look to foreign financial support to pay for its humanitarian and social expenses. Now, it is increasingly examining its domestic options.
Last year, the Ukrainian state won a court case to wrest Ocean Plaza, one of the largest shopping malls in Kyiv, away from Russian control. It was until recently owned by Russian oligarchs.
Yet, there are still thousands of assets in Ukraine that are tied to the Kremlin.
The State Property Fund has nationalised almost 800 objects, said Zoriana Hreskiv, director of its sanctioned property department.
“It is a diverse range of items, (including) corporate rights to cars and parts for vehicles,” she added.
Source: CNA
