Estonia is getting ready to present legal basis for seizing Russian assets in coming weeks, in order to get access to funds frozen under European Union sanctions against Russia, reports Bloomberg. Seized funds would be used to aid Ukraine.
Estonia aims to present the plan by the time the European Commission develops a bloc-wide arrangement to deal with US$322 billion in Russian central-bank reserves and billions more in frozen assets of sanctioned Russian individuals.
EU members “need to take work forward on securing accountability for the crime of aggression and to use Russia’s frozen assets,” said Estonia's Prime Minister Kaja Kallas in December.
Estonia estimates to have around US$20 million in Russian frozen funds in the country's banks.
Other EU countries have pointed to complex legal issues in converting Russian assets to aid for Ukraine. One option would be to target assets from individuals involved in war crimes rather than imposing blanket seizures that could take years to be resolved legally.
