The Cabinet of Ministers of Ukraine has approved a draft presidential decree on the confiscation of 903 properties owned by the Russian state, Prime Minister Denis Shmygal said.

"As promised, we are taking away Russian assets for the benefit of Ukraine and the Ukrainian people. We do it systematically in accordance with all procedures. We are not substituting the law with our wish, but we are implementing this strategic task in a legal way. Confiscated assets are converted into funds for our defense and reconstruction," Shmygal said at a government meeting on Friday.

According to the prime minister, the government has decided to confiscate Russian property and assets in Ukraine. In particular, the draft presidential decree, which proposes the confiscation of 903 objects that belong to the Russian state, has been approved.

According to Shmygal, 79 items are corporate rights, 824 items - property.

"The list of objects is formed: these are hundreds of buildings, corporate rights, land and financial assets. All property is divided into three categories: the first - is the property that belongs to the Russian state, the second - is the assets that belong to sub-sanctioned citizens and companies from Russia, the third - the assets of Russian banks", - he added.

The Prime Minister stressed that this decision is the first step, then there should be confiscation of Russian assets in the West.