The State Property Fund is preparing to sell confiscated assets belonging to a Putin-linked oligarch

The State Property Fund of Ukraine has begun preparations for auctions to sell more than 556,000 metric tons of bauxite and alumina confiscated from Oleg Deripaska, a Russian oligarch subject to sanctions. 

The raw materials were forfeited to the state pursuant to a ruling by the High Anti-Corruption Court (HACC). 

In total, the following are planned to be put up for auction:

• 441,37 thousand metric tons of bauxite;

• 60,9 thousand metric tons of metallurgical alumina;

• 53.76 thousand metric tons of processed alumina.

The entire batch was produced in Ukraine before the start of the full-scale invasion and was stored at the Mykolaiv Alumina Plant, which previously belonged to a Russian oligarch.

The State Property Fund of Ukraine (FDMU) announced this on Facebook.

Ukraine has completed the nationalization of Mykolaiv Alumina Plant LLC, which previously belonged to Russian businessman Oleg Deripaska.

The Mykolaiv Alumina Plant is currently idle, and the number of employees there has been reduced to a minimum.