On 14 November 2023, the Cabinet of Ministers of Ukraine adopted a resolution that will now provide for the sale of seized assets managed by the Asset Recovery and Management Agency (ARMA) through online auctions in the state electronic Prozorro.Sale trading system, which minimizes the risk of interference in the auction process and ensures its transparency.

By its decision, the Government has amended Resolution No. 558 of the Cabinet of Ministers dated 9 August 2017 "About the Selection on a Competitive Basis of Legal Entities Engaged in the Sale of Seized Assets" and No. 719 dated 27 September 2017 "On Approval of the Procedure for the Sale of Seized Assets at Electronic Auctions".

The amendments have been developed by ARMA in cooperation with the Ministry of Economy of Ukraine to improve and regulate the procedures for the sale of relevant assets at electronic auctions.

"The Ministry of Economy was actively involved in the development and approval of the adopted amendments. The government has regulated online auctions for the sale of seized assets, marking an important step towards the transparent sale of such property, which will increase the state budget revenues. The decision is an opportunity for potential buyers and investors to compete openly for such assets under transparent and competitive rules for the first time. Another important change is the unblocking of the possibility of selling seized assets abroad, the funds from which will also contribute the state budget and support the economy. We expect that these changes will also increase the efficiency of ARMA's work," said Oleksiy Sobolev, Deputy Minister of Economy of Ukraine.

The supported resolution will enable the sale of assets managed by ARMA – seized in criminal proceedings, including the so-called "sanctioned assets" transferred to the Agency and located in Ukraine – at electronic auctions in the Prozorro.Sale system. Such property will be sold at bidding to increase and decrease the price.

"The state online auctions allow for the sale of public assets in more than 20 markets in a transparent and open manner. From now on, the Government has extended the use of Prozorro.Sale system as an effective tool to the sale of seized assets managed by the ARMA. In order to start selling such property in the system, the Agency must first select a bidding organiser and conclude an agreement with it — these can only be platforms authorised in the ProZorro.Sale system, which have the appropriate indicators of professional work with the system, such as the number of successful auctions, etc. Such an approach will minimize the risk of involving companies without proper experience in organising auctions," said Serhiy But, CEO of Prozorro.Sale.

All information on the course of online auctions for the sale of seized assets and their results will be open and available on the official website prozorro.sale and in the public analytics module bi.prozorro.sale. Anyone will be able to participate in auctions for the sale of seized assets, except for persons associated with the aggressor state.

As a reminder, the state-owned electronic trading system Prozorro.Sale has helped to bring in more than UAH 20 billion to the budgets of various levels during the full-scale invasion.