Ukraine Plans To Sell Seized Ships To Raise Funds For War With Russia

Ukraine is planning to sell a Turkish cargo vessel, which it confiscated in 2024 on charges of looting grain from Crimea, in an attempt to sell seized ships and raise funds to boost its war efforts with Russia.

Ukraine’s National Agency for Tracing and Asset Management (ARMA) is trying to find someone to organise the sale of the 2,850 DWT Usko MFU. Constructed in 1982, the ship is 94 m long and is registered in Cameroon.

ARMA mentioned in a sale notice that the vessel has significant investment potential and is attractive for future commercial use, and for companies which specialise in ship repairs or recycling.

The agency will accept proposals until July 4, 2025. It will then choose an auction organiser who will obtain an independent valuation and organise the ship’s sale.

The vessel was seized on the Danube, Ukraine, on July 2, 2024. It was alleged that it had turned off its AIS Signal and was headed to Moldova. Per the investigation in 2023, the vessel entered and left Sevastopol with over 3000 tonnes of agricultural commodities for a turkish company.

To hide its activities, it turned off AIS transmissions, and by the end of May last year, the ship returned to Sevastopol, where it unloaded the cargo from Turkiye and the AIS signal was again turned off.

Ukraine Officials searched the ship and found records and electronics, which they later confiscated. It has 12 crew, including the captain from Azerbaijan. Per reports, Ukraine prosecuted the Captain and another officer. Per media reports, the captain was freed with a fine while the turkish owner denied the allegations and said the ship had gone to Crimea under a prior owner.

ARMA has management of the vessel under a court order and seeks to sell its assets it receives to fund the Ukrainian government.

This week, it filed with the court to gain management of 9 small ships, including 3 Russian VolgoBalt tankers.

By the end of last week, the agency was successful in court in preventing the removal of a bulker called Emmakris II, which has been detained in Chornomorsk since the beginning of the Russian-Ukrainian conflict. In 2024, ARMA called for a manager for the ship, stating it would be useful for storing grain.

ARMA is also fighting over the confiscated yacht Royal Romance, linked to Russian supporter and exiled businessman Viktor Medvedchuk.

Ukraine seized the yacht in 2022 when it was in Croatia. After maintenance, ARMA will go into the process of selling the yacht.

References: Intent, Liga

Source: Maritime Shipping News