November 30, 2022

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War in Ukraine: Ukrainian government seizes control of several “strategically important” companies

The Ukrainian government announced on Monday that the Ukrainian government would take control of several “strategically important” companies to help the war effort, including hydrocarbon producer Ukrnafta and aircraft manufacturer Motor Sich. “A decision has been taken to expropriate the assets of strategically important companies and bring them into state ownership,” Ukrainian Security Council Secretary Oleksiy Danilov told a press conference.

“After martial law is lifted, these properties can be returned to their owners or their value can be recovered,” he said.

In addition to Motor Sich and Ukrnafta, the government also took control of Zaporozhettransformator, a company specializing in the production of reactors, truck manufacturer Avtokras, and oil refinery Ukrnafta.

“The assets of these five companies will be managed by the Ministry of Defense to meet the urgent needs of the armed forces, including supply of fuel and lubricants, repair of military equipment and weapons,” the minister said. Ukrainian security, Oleksi├» Reznikov.

These companies “produce essential goods for the needs of the defense and armed forces, as well as for the energy sector,” emphasized Prime Minister Denis Simikel.

“These institutions should be operational 24 hours a day, 7 days a week for the security needs of the state,” he assured. Since the start of the Russian invasion, Ukraine has become increasingly dependent on Western arms supplies and financial support from the United States and the European Union.

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