The Ukrainian government plans to auction the Ocean Plaza shopping and entertainment center in Kyiv as part of a broader strategy to liquidate sanctioned assets. This announcement was made by Prime Minister Yuliya Svyrydenko via Telegram.
During a recent meeting with Dmitry Natalukha, head of the State Property Fund, and Leonid Muzykus, acting head of the State Geological Service, Svyrydenko discussed the sale of sanctioned assets and the review of licenses for natural resource extraction.
The Cabinet of Ministers has approved a schedule for the sale of confiscated properties, which includes 26 different assets nationwide. The government aims to expedite the auction process to ensure that the first lots are available for bidding as soon as possible.
According to the approved timeline, the initial items to be auctioned include:
- Ocean Plaza Shopping Center (Investment Union ‘Libid’);
- Mykolaiv Alumina Plant;
- A hotel in Bukovel (AMSTEL-SKI LLC);
- Demurinsky Mining and Enrichment Plant.
Another key topic during the meeting was the audit of dormant special permits for the extraction of strategic minerals and hydrocarbon resources. Svyrydenko emphasized that licenses for deposits that have been inactive since the onset of the full-scale invasion will be revoked.
“Assets should not remain idle; they must contribute to the economy,”
stated the Deputy Prime Minister.
She instructed officials to accelerate the audit of licenses to implement systematic solutions in the field of subsoil use by March.
It is worth noting that a few weeks ago, the Cabinet simplified the process for selling sanctioned Russian assets through open auctions. Under the new regulations, claims on loans can now be sold as a single package along with the main asset. Additionally, a mechanism for automatic price reduction has been introduced: if the first auction fails, subsequent ones will follow a Dutch auction model, gradually lowering the price.
The Ukrainian government is set to auction the Ocean Plaza shopping center as part of efforts to liquidate sanctioned assets. The auction process aims to revitalize idle properties and expedite economic contributions from these assets.