The SPFU will have the authority to reinitiate large-scale privatization, lease state property for a maximum of five years, and independently decide the fate of assets expropriated from sanctioned individuals and companies.
The SPFU will have the autonomy to make executive decisions concerning sanctioned property, such as privatization, sales, leasing, or management. All proceeds will be directed towards repairing the damage done by Russia’s invasion of Ukraine.
The new law also prevents sanctioned individuals and Russian or Belarussian citizens from becoming heads of state enterprises or members of their supervisory boards.
So EU and American citizens will be preferred?
Previously, it was reported that the SPFU’s earnings from privatization in Q1 2023 hit a record high for the past decade.