Estonia adopts law that will direct frozen Russian assets to support Ukraine
Russian assets worth 34.5 million euros were frozen in the country
Estonia has passed a law on the use of frozen Russian assets to support Ukraine, the BBC reports.
"With the law adopted today, Estonia proposes a mechanism that provides for the responsibility of those people and companies that are directly involved in or contribute to the aggression," said Hendrik Terras, chairman of the Constitutional Commission of the Estonian Parliament.
The law was voted in favour by 65 out of 101 MPs. Three MPs spoke against it.
According to Mr Terras, creating a legal framework for the use of frozen assets is a complex task that is being undertaken by a number of allied states and international organisations. Estonia is playing a pioneering role in this.
"Russia is an aggressor state. Ukraine and its allies should not have to bear the costs of compensation for the damage it has caused in the course of hostilities. It is Russia that is responsible for the damage caused and should bear this responsibility," he said.
According to Mr Terrace, to ensure responsibility for compensation for the damage caused to Ukraine during the aggressive war, assets that have already been frozen under international sanctions and whose owners cannot use or dispose of them in any way can be used.
According to the law adopted in Estonia, the use of these assets will be an advance payment for the damage that Russia must compensate Ukraine. The decision to use the property as a prepayment for damages will be made by the Ministry of Foreign Affairs during administrative proceedings, Postimees reports.
As of the end of 2023, Russian assets worth €34.5 million were frozen in Estonia.
Background. During his visit to Ukraine, Secretary of State Anthony Blinken reportedly said that the US would confiscate frozen Russian assets "to make Russia pay for everything it has destroyed". The G7 could seize billions of dollars and send a powerful message to Putin that time is not on his side, he said.
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