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Estonia has developed a mechanism for using Russian frozen assets in favor of Ukraine

12 Oct, 2023
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Estonia has developed a mechanism for using Russian frozen assets in favor of Ukraine

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The Estonian government has approved and will submit to parliament an amendment to the Law on International Sanctions, which outlines the domestic rules for using frozen assets of sanctioned individuals to compensate for the damage caused by the Russian war in Ukraine. This was announced by the press service of the Estonian government.

According to the bill, Estonia's legal framework will be expanded to make the competence and authority of institutions responsible for implementing and overseeing sanctions clearer and more effective, as stated in the government's announcement.

"The bill that we, together with the government, have submitted to parliament today allows for the use of frozen assets of sanctioned individuals in Estonia to compensate for the damage caused by the war in Ukraine. We should be an example and a catalyst for other European countries in establishing similar rules. Russia must compensate Ukraine for all the damage caused by the war," said Estonian Prime Minister Kaja Kallas.

Kallas expressed a desire for the European Union to "expedite the process of utilizing Russian frozen assets and formulating practical solutions."

Estonia's Minister of Foreign Affairs, Margus Tsahkna, welcomed the government's initiative.

"Part of the bill includes Estonia's initiative to use Russia's frozen assets to compensate for the damage inflicted by Russia's brutal war in Ukraine. The funds for compensating the damage caused by Russia to Ukraine should not come solely from taxpayers of other countries," the minister noted.

The head of the Ministry of Foreign Affairs explained that, according to the bill, frozen Russian assets will remain frozen until the losses from the war are compensated.

To implement this mechanism, an international agreement with Ukraine or an international compensation mechanism is required.

At the time of drafting the project, Estonia had frozen assets totaling approximately 38 million euros based on international sanctions.

The Odessa Journal

The Odessa Journal

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