The Estonian government has approved and sent to parliament an amendment to the International Sanctions Act, which foresees the use of frozen Russian assets to compensate Ukraine for the damage inflicted by Moscow’s invasion, Estonian PM Kaja Kallas announced on Oct. 12.
According to the bill, the legal framework of Estonia will be expanded to make the competences and powers of institutions clearer and more effective in implementing and overseeing sanctions. Kallas believes that it is crucial for Russia to “pay the price for aggression.”
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“We must find ways to hold Russia financially responsible for the damage it has caused Ukraine,” the PM said.
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“The bill that we sent to the parliament today allows us to use the frozen assets of sanctioned persons in Estonia to compensate for war-related damage in Ukraine. We should be a role model and a stimulus for other EU countries in establishing similar rules. Russia should compensate Ukraine for all the damage caused by the war.”
Margus Tsahkna, the country’s foreign minister, also supported Estonia’s initiative to use frozen Russian assets.
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“I am pleased that today the government has approved the draft amendments to the International Sanctions Act …; part of the draft law is Estonia’s initiative to use frozen Russian assets to compensate for losses inflicted by Russia’s brutal war against Ukraine,” said Tsahkna.
To date, Estonia has frozen Russian assets worth EUR 38 million ($40 million).
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