Estonia has become the first European country to create a legal scheme to use frozen Russian assets to help Ukraine, in the coming weeks it should receive the government approval, the Postimees newspaper reported on Tuesday.
“The decision is almost ready, it was discussed at the Cabinet, but some details still need to be clarified. We can also demonstrate to other countries how the solution can work legally,” Prime Minister Kaja Kallas said.
The scheme created in Estonia provides that Ukraine documents the damage that Russia inflicts on it, and then the Russian property in Estonia is transferred to Ukraine. After that, Russia can settle accounts with Ukraine. If it does not do this, then it will show that all the damage was caused by itself.
According to Foreign Ministry Vice-Chancellor Erki Kodar, Estonia has prepared amendments to the law on international sanctions that will ensure the financial responsibility of the aggressor state for damage caused by the most serious violations of international law.
He added that the damages would be compensated by persons who have a proven connection with the formation of Russian policy or contribute to its implementation. “Therefore, compensation for losses will continue to occur only at the expense of the assets of certain individuals, that is, in parts,” he said.
According to the Financial Intelligence Unit, at the beginning of June, EUR 34.8 million were frozen in Estonia, including more than EUR 8.7 million in the advance payment accounts of the Tax and Customs Board. They do not include other tangible assets such as the value of companies and fixed assets, receivables or lost profits.
