Estonian parliament adopts law allowing use of Russian frozen assets
Estonian parliament adopts law allowing use of Russian frozen assets
Today, the Riigikogu (Parliament of Estonia) passed the Act that enables the use of the assets of persons in Russia that are frozen under international sanctions to compensate Ukraine for war damages.
Estonian MPs passed a law that enables the use of Russian assets frozen under international sanctions to compensate Ukraine for war damages.
The president must now promulgate the legislation for it to enter into force.
It enables assets of individuals and companies that have contributed to Russia's wrongful acts, which have been frozen under sanctions, as an advance payment for damages owed by Russia to Ukraine.
To seize Russian assets, Estonia would need to receive a request, and the connection of their owner to illegal acts must be sufficiently proven. The asset owner can challenge their use for Ukraine in Estonian courts.
Estonia's move is seen as an important first step as the vast majority of Russia's frozen and largely euro-denominated sovereign assets, which are worth €300 billion, are located in Europe.