State Budget Receives 2.17 Billion UAH in Revenues from Seized Assets in 2025

In 2025, the state budget of Ukraine received substantial revenues totaling over 2.17 billion UAH from seized assets that were transferred to the management of the Asset Recovery and Management Agency (ARMA). This amount exceeded initial expectations for guaranteed payments by 231.9 million UAH, highlighting the effectiveness of asset management in ongoing investigations.

This information comes from a study conducted by the analytical center 'Institute of Legislative Ideas,' which provides a detailed analysis of ARMA's performance in 2025. According to the data, of the 41 assets under management, 15 generated revenues ranging from 100,000 to 1 million UAH, while another 9 assets produced revenues between 1 and 10 million UAH. Notably, one asset yielded revenues between 100 million and 1 billion UAH, and another exceeded 1 billion UAH.

Analysts estimate that 98% of all revenues received by ARMA were generated by five energy assets managed by PJSC 'Ukrnafta,' which brought in 2.137 billion UAH. Other companies that demonstrated effective asset management included Kombinat Plyus with 13.2 million UAH, Investment Company 'TVK' with 1.33 million UAH, AVGМ-GROUP with 778,000 UAH, and ENVIL with 459,000 UAH.

Experts from the Institute of Legislative Ideas point out that the largest revenues were generated by several major energy assets. However, 8 assets, accounting for about 20% of the total, did not yield any profit due to prolonged asset transfer procedures, which in some cases lasted over a year or did not occur at all. This issue is also linked to the inability to effectively commence asset management.

Among the most notable examples of ineffective management mentioned in the study is the 'Flagman' shopping center in Ivano-Frankivsk, where, despite generating revenues of 3.7 million UAH, a re-selection procedure for a manager has already begun, leading to the termination of the contract. Other examples include the Trade Union House in Kyiv, which has debts to the budget despite over 10 million UAH in revenues, and 141 railway cars, for which the manager reported an inability to physically access the assets.

Experts emphasize that the formal existence of a contract and even partial revenues do not always indicate effective management. The most problematic assets remain those where managers have debts to the budget or where there are physical barriers to accessing the property, such as railway cars and vessels. Meanwhile, ARMA's control system demonstrates the capacity for stringent responses, including issuing directives to completely sever ties with ineffective managers.

Among the recommendations from analysts at the Institute of Legislative Ideas is a call to continue practices of transferring complex objects into management that have the potential to accumulate significant budget revenues. They also stress the need for 100% transparency on the Prozorro platform, conducting audits of assets with zero profitability, accelerating the signing of acceptance-transfer acts to avoid zero budget revenues, and strengthening sanctions for accumulating debts.

The Institute of Legislative Ideas is an independent analytical center focused on legislative reforms in Ukraine. Its mission involves analyzing policies, identifying problems, and seeking solutions. It was previously reported that in 2025, only one in five ARMA auctions concluded successfully.