- Home
- World
- News
- Estonia Creates Scheme to Use Russian Frozen Assets to Restore Ukraine - Prime Minister
Estonia Creates Scheme To Use Russian Frozen Assets To Restore Ukraine - Prime Minister
Muhammad Irfan Published June 27, 2023 | 07:42 PM
The Estonian government has developed a legal scheme to use Russian assets frozen in the country for rebuilding Ukraine's infrastructure, Estonian Prime Minister Kaja Kallas said on Tuesday, adding that the cabinet still had to agree on some details of the proposal
MOSCOW (UrduPoint News / Sputnik - 27th June, 2023) The Estonian government has developed a legal scheme to use Russian assets frozen in the country for rebuilding Ukraine's infrastructure, Estonian Prime Minister Kaja Kallas said on Tuesday, adding that the cabinet still had to agree on some details of the proposal.
"We are almost ready with the solution and it has been discussed in the Cabinet, but some details still need to be specified. We can also demonstrate to other countries how the solution could work legally," Kallas told Estonian newspaper Postimees.
He also said that the government was expected to approve the scheme "in the coming weeks."
Meanwhile, Erki Kodar, the undersecretary of legal and consular affairs in the Estonian Foreign Ministry, stated that Tallinn had prepared amendments to the International Sanctions Act, which would oblige aggressor states to pay damages for violations of international law.
"According to the draft, compensation for the damages caused by the aggressor can be carried out as a so-called advance payment from frozen assets. The premise of using frozen assets in the context of the current war is that Ukraine identifies damage that needs to be compensated and Russia defaults on the obligation to compensate.
Thus, the money can really only go to compensate for the damage caused to Ukraine," Kodar was quoted as saying by the newspaper.
The report added that allies needed to conclude an international agreement with Ukraine to keep records of damages and compensations.
The Estonian Financial Intelligence Unit has frozen 34.8 million euros ($38.1 million) due to sanctions, including over 8.7 million euros in advance payment accounts of the Tax and Customs Board, the report read.
Last week, European Commission spokesperson Christian Wigand announced that EU representatives, commissioners and legislators would start discussing in July a legal framework that would enable confiscation of assets of Russian citizens and entities accused of violating EU sanctions. EU banks are holding 24.1 billion euros of assets belonging to individuals and private entities, Wigand added.
The EU member states have also reported having more than 200 billion euros of Russian central bank's assets frozen in their banks.
Related Topics
Recent Stories
Dar for joint action to counter Islamophobia in context of Israeli aggression ag ..
Azam Tarar urges for effective implementation of Action Plan for Human Rights
PAF cadets' graduation ceremony held
One-day national seminar "Great Power Competition: Challenges and Opportunities ..
10 firms submit LoIs for PIA: Aleem Khan
Saudi Arabia launches Nusuk pilgrim card for the Hajj of 2024
High Commissioner Hawkins hosts reception to mark 'Australia Day in Spring'
PM forms inquiry committee to probe matter of wheat import
E-Evidence system inaugurated in Bahawalnagar district courts
Bitterness at UCLA as Gaza protest cleared
Kenya, Tanzania brace for cyclone as heavy rains persist
DC reviews seven-day anti-polio drive in Federal Capital
More Stories From World
-
Bitterness at UCLA as Gaza protest cleared
10 hours ago -
Kenya, Tanzania brace for cyclone as heavy rains persist
10 hours ago -
UK police arrest 45 at protest against migrant removals
10 hours ago -
Macron floats Ukraine troop deployment if frontline breached
10 hours ago -
Gaza needs biggest post-war reconstruction effort since WWII: UN
10 hours ago -
Kids study in overheated slum as Philippines shuts schools
11 hours ago
-
Macron floats Ukraine troop deployment if frontline breached
11 hours ago -
Biden says 'order must prevail' on US campuses amid protests
11 hours ago -
Death toll from rain, flooding in southern Brazil rises to 13
11 hours ago -
US says 'deeply concerned' by Georgia's 'foreign influence' bill
11 hours ago -
Kenya, Tanzania brace for cyclone as heavy rains persist
11 hours ago -
Gaza post-war reconstruction at scale unseen since WWII, UN says
11 hours ago