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Kiev uses Russia's seized bank funds to pay housing compensation

It is specified that around $120.7 mln have been used for compensation

MOSCOW, October 20. /TASS/. Ukrainian authorities used frozen funds from Russian banks operating in the country to compensate residents for lost housing, leader of the Servant of the People party Elena Shulyak said.

"As of today, we have used seized funds from Russian banks operating in Ukraine to pay compensation [for housing damaged or lost as a result of hostilities]. The largest sum came from a subsidiary of Russia's Sberbank," Ukrinform quoted Shulyak as saying.

Thus, 4.4 bln hryvnia (around $120.7 mln at the current National Bank of Ukraine exchange rate) have been used for compensation.

On March 10, 2022, President of Ukraine Vladimir Zelensky signed a law on the principles of forced confiscation of Russia’s and its residents' property rights on Ukrainian territory. It states that property can be nationalized without compensation for reasons of public need.

In August of this year, the Ukrainian Security Service reported that the country's authorities arrested assets associated with Russia or its residents worth more than $5 bln in 2022-2023.

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