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One of the EU countries is the first in the world to adopt a law allowing the transfer of Russian assets to Ukraine

Oleksandr LytvynNews
Estonia is the first country to make an important decision
Estonia is the first country in the world to make an important decision. Source: Riigikogu Press Office

Estonia has passed a law and is the first country in the world to allow the assets of Russian individuals that were frozen due to sanctions to be used for the restoration of Ukraine. 65 members of the Riigikogu voted in favor of the law, and three members voted against it.

This is stated on the website of the Estonian parliament. According to Hendrik Johannes Terras, chairman of the Constitutional Commission, the creation of legislative regulation of the use of frozen assets is a complex task that is being addressed by several allied countries and international organizations, and Estonia is playing a pioneering role here. "Russia is an aggressor country, and compensation for the war damage cannot be borne by Ukraine and its allies. Russia is responsible for causing the damage, and it must also bear this responsibility," he said.

According to Mr. Terras, assets that have already been frozen under international sanctions and which their owners cannot use or dispose of in any way can be used to ensure accountability for the damage caused by the aggressive war in Ukraine. "With the law adopted today, Estonia proposes a mechanism that provides for the responsibility of those people and companies that are directly involved in the aggression or contribute to it," he said, adding that the Constitutional Commission has gone more than halfway. the creation of the relevant regulations with various parties, including foreign experts, was very carefully considered during the year.

The Government-initiated Law "On Amendments to the Law on International Sanctions and Other Related Laws" ( 332 SE ) creates a domestic mechanism to ensure the property liability of the aggressor state for damage caused by the most serious violations of international law. The amendment allows the assets of individuals and companies that contributed to Russia's illegal actions to be frozen under sanctions as an advance payment for the damages that Russia owes Ukraine.

As OBOZ.UA previously reported, U.S. Special Representative for Ukraine's Economic Recovery Penny Pritzker explained that the process of confiscating Russian assets would require a collective decision by all countries that have frozen Russian funds in their financial institutions. It will take time, so we should not expect it to happen quickly.

The International Monetary Fund has stated that decisions to confiscate Russian assets should be made by the relevant authorities in the countries where they are located. The IMF will monitor developments to assess the impact on the international financial system.

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