Estonia became the first European nation to establish a legal basis for using the Russian frozen assets as compensation for Ukraine on the 15th (local time).
The Estonian Parliament announced on its website that a bill allowing the use of frozen assets of Russians due to sanctions as compensation for the damage of the Ukraine war was passed with 65 votes in favor and 3 votes against. The bill will be implemented with the president’s approval. Estonian Prime Minister Kaja Kallas stated, “We have taken another step towards setting a historical precedent in Europe.” The parliament explained that the approved bill is designed to allow the use of frozen assets of individuals and corporations involved in Russia’s illegal activities as priority funds to compensate for the damage Ukraine has suffered.
Meanwhile, the 27 countries of the European Union (EU) had tentatively agreed earlier this month to use the incidental profits created by the operation of frozen Russian assets within the region for military support and reconstruction in Ukraine.