Latvia to auction nationalized Moscow House, proceeds will support Ukraine

Latvia plans to auction off the nationalized Moscow House and the land underneath it in Riga to support Ukraine, the country’s LSM news outlet reported on March 26, citing a decision by the Cabinet of Ministers.

The building and the land, which previously belonged to Moscow and were recently nationalized by the Latvian Saeima (parliament), will be transferred to the Finance Ministry’s balance to allow them to be sold at auction.

The land is valued at EUR 517,000 ($560,000), and the building at EUR 2.3 million ($2.5 million).

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Special amendments to the law on support for Ukrainians will be submitted to parliament to allow the funds received to be used to support Kyiv.

The deal may not happen in 2024, as the property is unlikely to be sold quickly.

On Jan. 11, the Latvian Saeima approved a bill on the transfer of the Moscow House to state ownership.

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Prior to its nationalization, the Moscow House was linked to Russian dictator Vladimir Putin and Moscow Mayor Sergei Sobyanin. An investigation by the Latvian State Security Service (SSB) in December 2023 found possible violations of EU sanctions against Russia, as the institution was suspected of continuing to benefit financially from the banned premises.

In response, the Russian Foreign Ministry said that the decision "will not go unanswered" and warned of "harsh and extremely painful" consequences for Latvia.

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Read the original article on The New Voice of Ukraine