Estonian government approves bill on use of frozen Russian assets
The Government of Estonia has approved and will submit to the Parliament an amendment to the International Sanctions Act, which provides for domestic rules for the use of frozen assets of sanctioned persons to compensate for the losses suffered by Ukraine due to Russian aggression.
This was reported by the press service of the Estonian government, Censor.NET reports.
"The draft law that the government and I have sent to parliament today allows the use of frozen assets... to compensate for the damage caused by the war in Ukraine. We must be an example and an incentive for other European countries to establish similar rules. Russia must compensate Ukraine for all the damage caused by the war," said Estonian Prime Minister Kaja Kallas.
Kallas expressed her wish that the European Union "complete the work on the use of Russian frozen assets and develop practical solutions as soon as possible".
Estonian Foreign Minister Margus Tsakhkna welcomed the initiative.
"I am pleased that the government has approved the draft today... which aims to organise the Estonian legal space in order to increase the competence and powers of the institutions to implement and supervise sanctions," he said.
"Part of the draft law is Estonia's initiative to use Russia's frozen assets to compensate for the damage caused by Russia's brutal war in Ukraine. The money to compensate for the damage caused by Russia to Ukraine should not come only from the taxpayers of other countries," he added.
Tsakhkna explained that according to the draft law, frozen Russian assets will remain frozen until the war damage is compensated.
This mechanism requires an international agreement with Ukraine or an international compensation mechanism.
In Estonia, at the time of drafting, assets worth about EUR 38 million were frozen under international sanctions.
