The Fund expects to start privatization of confiscated russian assets in 2023 - Chairman of the State Property Fund Rustem Umerov in an interview with Reuters

Ukraine is expected to start selling confiscated russian assets at privatization auctions in 2023 to finance the country's recovery, Rustem Umerov, Chairman of the State Property Fund, emphasised Reuters.

"russian business has been a significant player in some industries," he mentioned. "Our goal is to transfer everything to state ownership, prepare and sell it. We want these enterprises to work for Ukraine, for Ukrainian citizens," Rustem Umerov explained.

The government has already transferred 102 assets, mainly real estate and vehicles, to the State Property Fund. Preparations for their privatization are now underway, including the resumption of operations, payment of taxes and wages. The SPFU expects to start the sale at the end of the second or beginning of the third quarter.

One of the most significant assets is the Demurinsky Mining and Processing Plant. This enterprise produces raw materials for titanium production and was previously owned by Mikhail Shelkov, a russian billionaire and shareholder of the VSMPO-Avisma titanium corporation.

In February, the Government transferred the asset to the SPFU for further privatization. The plant, which employs 284 people, has partially resumed production. The Fund hopes to sell it this year.