Comment by Foreign Minister Margus Tsahkna on the Riigikogu adopting the law on using frozen assets
Republic of Estonia - Ministry of Foreign Affairs
15.05.2024
Comment by Foreign Minister Margus Tsahkna on the Riigikogu adopting the law on using frozen assets:
"I welcome the fact that an overwhelming majority of the Riigikogu today voted in favour of the bill that allows us to use frozen Russian assets. Estonia has spearheaded this issue and today, we took a big step towards creating a precedent Europe could follow.
The law makes it possible to take the frozen assets of individuals and companies that contributed to Russia's aggression and use them as an advance payment for the damage Russia has caused to Ukraine. This way, Estonia can contribute to holding the aggressor to account for the damage it has caused, as the United States have done by creating a legal basis for using Russia's frozen sovereign assets for the benefit of Ukraine.
I am looking forward to quick progress on the agreement reached last week by EU ambassadors on using profits earned from frozen Russian assets for providing vital military aid to Ukraine. However, this should only be the first step in making the aggressor pay for the destruction it has wreaked in Ukraine. We must also move forward with using fixed assets because the majority of Russia's frozen sovereign assets, which are worth €300 billion, are mainly located in Europe.
I hope the president is proclaiming the law adopted in Riigikogu today as soon as possible."
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