Ukrainian President Vladimir Zelenskyy on Thursday signed the law on confiscating the property of Russia and of Russian residents in Ukraine, the Ukrainian legislature said on Thursday, Russian state media TASS reported.
"Ukrainian President Vladimir Zelenskyy signed the law of Ukraine ‘On the main principles for confiscation in Ukraine of objects of property rights of the Russian Federation and its residents’ that was adopted by the Verkhovnaya Rada," the legislature said in a statement.
"The law defines the legal basis for confiscation of objects of property rights based on social need," the statement further reads.
"Forcible seizure of property rights of the Russian Federation and its residents in Ukraine is carried out without any compensation (reimbursement) of their value, given the full-scale aggressive war waged by the Russian Federation against Ukraine and the Ukrainian people," the law reads, as per reports by Kyiv independent.
Passed in the Ukrainian parliament on 3 March 2022, the law will allow Ukraine to confiscate property that belongs to Russian Federation or its residents without any compensation.
Notably, Zelenskyy vowed to punish those complicit in Russia’s war in Ukraine, including by targeting the assets of Russia’s wealthy, as reports of attacks on civilians mount.
"We will do our best to confiscate it, wherever it is. You love a rich life. Love prosperous countries. You will not have this anymore. And this is just the beginning. You will definitely be prosecuted for complicity in war crimes," Zelenskyy said in a video, according to an NBC News translation.
(with sources inputs)
