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oreign Minister Tsahkna: The Ukraine package is a significant step by the USA towards using frozen Russian assets for the benefit of Ukraine

Republic of Estonia - Ministry of Foreign Affairs

22.04.2024

The comment by Foreign Minister Margus Tsahkna on the approval of the Ukraine package in the US House of Representatives, which is a significant step by the USA towards using frozen Russian assets for the benefit of Ukraine:

"With the Ukraine package adopted in the House of Representatives, the United States took a major step towards using frozen Russian assets for the benefit of Ukraine. I welcome this significant decision that creates a legal basis for the USA to use Russia's sovereign assets to help Ukraine.

The bill allows the US president to confiscate frozen assets and establish a support fund for Ukraine, where frozen assets and profits earned from these assets will be deposited. The aim of the fund is to offset the damages caused to Ukraine with Russia's inhumane war.

To secure Ukraine's victory, we must prove convincingly that time is not working in the aggressor's favour. Profuse assurances are not enough, we need real steps that would demonstrate that our policy to counter the aggression is irreversible. The USA is taking a major step towards using frozen Russian assets. US leadership in this political decision is crucial in the G7 summit in June, when the decision should be taken to use frozen Russian assets. This would serve three purposes: helping Ukraine, sending a tough message to Russia and oligarchs that things will not go back to business as usual, and assuring our taxpayers that it is the aggressor who has to pay, not us. I also expect quick progress in the European Union to first use the profits earned from frozen Russian assets, but also real assets because the majority of Russia's sovereign assets with an estimated worth of €300 billion are in Europe.

Estonia can contribute here. We have been pioneering this issue for a year now, and we would like to establish a precedent that Europe could then use. While we have no sovereign assets of Russia, we do have frozen assets of private legal entities. These assets have been frozen in direct connection with Russia's aggression and the close ties of these persons with the state and politics of Russia. These assets can and should be used to help offset the war damages caused to Ukraine.

In the coming weeks, the bill on frozen assets should be submitted for a second reading in the Estonian Parliament. I hope we can make quick progress with it to hold Russia and individuals linked to its aggression accountable for the destruction caused in Ukraine."