Estonia examining legal mechanism to divert frozen Russian assets to Ukraine
The government of Estonia has said it ‘is looking for ways to establish a legal mechanism that would serve as a basis for helping Ukraine in Estonia and across the EU by using the frozen assets of the Russian state and individuals linked to Russia’s aggression.’
‘There are about €19 million worth of frozen Russian assets in Estonia,’ the Ministry of Foreign Affairs said.
Last month, the European Commission presented a plan to divert the proceeds from Russian assets frozen in the EU for Ukrainian reconstruction. The proposal must be unanimously approved by all 27 EU member states.
The G7 has said it is also working on a US-led plan to seize Russia’s frozen overseas assets.
According to estimates, there are frozen Russian assets worth a total of €300 billion in the EU and G7 states.
