Estonia Takes Bold Step in Holding Russia Accountable by Mobilizing Frozen Assets for Ukraine's War Damage Compensation
Mykola Siutkin
You do business, we mitigate risks | Business Investment Risk Advisor | Co-founder of S&P Agency | Attorney | Co-publisher LDaily | Ironman
In a significant move, the Estonian government has approved and will send an amendment to the International Sanctions Act to the Riigikogu, aiming to streamline the domestic legal framework regarding the use of frozen assets of sanctioned individuals. The primary objective is to utilize these assets to compensate Ukraine for the damages incurred during Russia's aggression. The proposal reflects Estonia's commitment to fostering international cooperation in holding aggressor states accountable for their actions.
The proposed amendment seeks to enhance the clarity and effectiveness of Estonia's legal framework concerning sanctions. The amendments will empower authorities with increased competence and clearer powers in the implementation and supervision of sanctions. By providing a comprehensive structure, Estonia aims to serve as an example for other European nations to adopt similar regulations.
Prime Minister Kaja Kallas emphasized the importance of imposing financial consequences on Russia for its aggression. The draft Act enables the use of frozen assets of sanctioned individuals to compensate Ukraine for war damages. Kallas stressed the need for Russia to be held financially responsible for the harm inflicted on Ukraine, encouraging other European countries to follow suit. The Prime Minister's firm stance reflects Estonia's commitment to justice and the importance of ensuring that aggression is both punished and compensated.
Kallas further urged the European Union to expedite the process of mobilizing frozen Russian assets, advocating for practical solutions. This collaborative effort among EU member states aligns with Estonia's commitment to strengthening the effectiveness of existing sanctions and ensuring a coordinated response to Russia's actions.
Minister of Foreign Affairs Margus Tsahkna commended Estonia's initiative in mobilizing frozen Russian assets. He emphasized the need for a swift debate in the Riigikogu to continue escalating the cost of Russia's war. Tsahkna stressed that compensating war damages should not solely burden taxpayers in other countries, but also target individuals who contributed to the aggression.
Tsahkna clarified that the frozen Russian assets would only be released after compensation for war damages is completed. This mechanism necessitates an international agreement with Ukraine or an international compensation framework, underlining Estonia's commitment to a legal and collaborative approach.
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