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Shares of five strategic companies taken over by Ukraine Defense Ministry

On November 7, Secretary of the National Security and Defense Council of Ukraine Oleksiy Danilov announced that assets of strategically important enterprises were alienated into state ownership to “meet the country’s needs under martial law.”

The companies include:

  • Ukrainian aircraft engine maker JSC “Motor Sich”
  • Electrical transformer company PJSC “Zaporizhtransformator”
  • Vehicle maker PJSC “AvtoKrAZ”
  • Energy company PJSC “Ukrnafta”
  • Oil refiner PJSC “Ukrtatnafta”

“The seized assets acquired the status of military property, their management was transferred to the Ministry of Defense of Ukraine. Upon termination of martial law, in accordance with the requirements of the law, the specified assets may be returned to the owners, or their value will be reimbursed,” Danilov said.

The decision comes after the arrest of the head of Motor Sich, Vyacheslav Boguslaev. He was detained on treason charges amid allegations that he helped supply Russia with parts for helicopters and planes and of having contacts with Russian special services.

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