Estonia may become the first country in the EU to legalize the confiscation of Russian assets under sanctions
They will be transferred in favor of Ukraine
Estonia is planning to become the first EU country to legalize the confiscation of Kremlin-linked assets to finance Ukraine's reconstruction. This initiative will "really hit" Russia, Foreign Minister Margus Tahkna said.
Source. Bloomberg
The government will approve the bill and send it to parliament in two weeks. Estonia calls on the European Union to do the same.
"It will really hit the oligarchs – it will really hit the Russian state," Tsakhkna said in an interview on Thursday, adding that he expects Russia to counterclaim.
Estonia's initiative, which the country's authorities have been working on since December last year, may affect about 35 million euros of financial assets of Russian companies frozen in the country.
Assets under this scheme will be confiscated on the basis of the international register of losses to Ukraine. Harmonizing the initiative with EU law was complicated by Estonia's strong guarantees of private property, said Tsakhkna.
Background. As a reminder, Estonian Prime Minister Kaja Kallas called on countries bordering Russia to introduce a unified trade embargo. She emphasized that Finland is the key country in this matter.
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