Zelensky imposes sanctions on Chinese investors of Motor Sich

Source : 112 Ukraine

The relevant decree comes into force from the date of its publication
16:15, 29 January 2021

Open source

President of Ukraine Volodymyr Zelensky has enacted the decision of the National Security and Defense Council (NSDC) on personal sanctions against certain legal entities and individuals in China. Decree №29/2021 was published on the President's website.

The decree comes into force from the date of its publication. The sanctions apply to Chinese investors of PJSC Motor Sich.

Sanctions are being imposed on the following companies: Skyrizon Aircraft Holdings Limited, Hong Kong Skyrizon Holdings Limited, Beijing Skyrizon Aviation Industry Investment Co., Ltd and Beijing Xinwei Technology Group Co., Ltd.

Related: Ukraine's Motor Sich company loses USD 715 mln due to arrest of its shares in 2017-2020, - expert

The sanctions include blocking of assets, restrictions on trade operations, partial or complete cessation of flights and traffic through the territory of Ukraine, and a number of other measures.

As we reported earlier, in 2017-2020, Motor Sich lost almost 20 billion Ukrainian hryvnyas, or roughly 715 million U.S. dollars, due to the unreasoned illegal arrest of shares.

"(...) Ukraine's defensive capability is already undermined by the state budget losses from tax payments that Motor Sich did not conduct. Let's make a list of what our warring country could buy for its military for 3.5 billion hryvnyas, which it never received: 17 cutting-edge, armed French ships; 26 cutting-edge Ukrainian tanks Oplot, more than 23 H-25 helicopters; more than a hundred new BTR-4 APCs," the statement said.

Related: Why Ukraine frittered away Motor Sich and $ 3.5 billion

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