Arrest of Russian assets in favor of Ukraine: Estonia has taken an unprecedented step – media

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Arrest of Russian assets in favor of Ukraine: Estonia made an unprecedented step, — Media

According to journalists, Estonia intends to present the plan by the time the European Commission develops a bloc-wide agreement on how to dispose of the frozen Russian assets.

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Estonia plans to present a legal plan this month to seize Russian assets and a scheme to transfer them to Ukraine. It is reported by Bloomberg.

Estonia was the first country in the European Union to take such a step regarding financial sanctions against the Russian Federation. Back in December, official Tallinn instructed the relevant ministries to develop a plan for the confiscation of Russia's assets.

The publication notes that the legislative framework will be created by the end of January this year. Estonia intends to present the plan by the time the European Commission develops a bloc-wide agreement on how to dispose of €300bn in Russian Central Bank reserves and billions more in the frozen assets of Russian individuals under sanctions.

“EU members need continue work on the sale of Russia's frozen assets,” Estonian Prime Minister Kaja Kallas commented on the situation.

According to financial experts, the frozen funds on the accounts of Russians in Estonia amount to almost €20 million.

Focus also wrote that on December 29, the Estonian Cabinet of Ministers set the task for the Ministries of Justice and Foreign Affairs to work out the legal side of the issue of transferring frozen Russian assets to Ukraine. The head of the Estonian Foreign Ministry noted that the alienation of Russian property in the EU is possible with an appropriate court decision and added that from a political point of view, this is “extremely necessary” to do.