The government of Estonia has approved a draft law on the use of frozen russian assets
The government of Estonia has approved and will send to the parliament a resolution with proposals that will allow the use of frozen Russian assets to compensate for damages caused to Ukraine, said the statement of the Prime Minister of Estonia Kai Kallas.
According to the draft law, Estonia’s legal space will be organized more broadly, so that the competences and powers of institutions for the implementation and supervision of sanctions are clearer and more effective.
According to Prime Minister Kai Kallas, it is necessary to find ways to “bring Russia to financial responsibility for the damages caused to Ukraine.”
- “We need to find ways to bring Russia to financial responsibility for the damage caused to Ukraine. The bill that the government and I sent to the parliament today allows for the use of frozen assets of authorized persons in Estonia to compensate for military damage in Ukraine. We must be an example and an incentive for others European countries in establishing similar rules. Russia must compensate Ukraine for all the damage caused by the war,” Kallas said.
Foreign Minister Margus Tsakhna also supported Estonia’s initiative to use frozen Russian assets.
The application of this mechanism requires an international agreement with Ukraine or an international compensation mechanism.
In Estonia, at the time of drafting the draft law, assets worth about 38 million EUR were frozen on the basis of international sanctions.