Ukraine, Pand agree on procedure for returning seized funds

This was announced by ena Duma, Head of the Asset Recovery and Management Agency (ARMA), on Telegram, as reported by Ukrinform.

"I held a meeting with the leadership of the National Prosecutor's Office of the Republic of Pand. As a result, we agreed on a roadmap for returning unlawfully withdrawn and seized funds to Ukraine. The first practical case invves the return of over $5 million," the statement reads.

According to Duma, the funds will be returned through two avenues: as material evidence or within the framework of international legal assistance. Despite attempts by interested parties to create obstacles, both countries possess sufficient legal tos to successfully complete the process.

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Work with the Office of the Prosecutor General of Ukraine will also be intensified to ensure international legal coeration on this matter.

"This will be a significant precedent. Pand will become the first country to practically implement the mechanism for returning seized funds from foreign accounts. It will demonstrate to the world that such mechanisms are indeed effective," Duma added.

As previously reported, over $100 billion has been siphoned out of Ukraine to foreign accounts over the years of independence. In July 2023, ARMA develed and approved a procedure for implementing the sale of seized assets abroad to recover these funds.