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Estonian PM calls for transfer of frozen Russian assets to Ukraine

Estonian PM calls for transfer of frozen Russian assets to Ukraine Photo: Estonian Prime Minister Kaja Kallas (Getty Images)
Author: Liliana Oleniak

It is necessary to use frozen Russian assets for the benefit of Ukraine, in particular, to rebuild the damaged and destroyed infrastructure as a result of Russia's military aggression, according to Estonian Prime Minister Kaija Kallas.

"We need to press ahead with using Russia's frozen assets for Ukraine. Glad my calls are being met with steps forward not only within the EU but also among the G7, including the U.S. Congress and the UK. Prominent legal and economic scholars have endorsed the idea," Kallas writes.

She notes that this is not only morally but also legally correct.

"It is an international legal norm that the aggressor must compensate for damages. Using Russia's frozen assets helps Ukraine’s reconstruction and recovery – and they need support now," the Estonian Prime Minister emphasizes.

In addition, according to her, the world becomes safer "if countries see and believe that they cannot try to conquer their neighbors without losing access to their global reserves."

"We need to show political leadership. I look forward to discussing next steps with EU leaders this week at EUCO," Kallas adds.

Confiscation of Russian assets in favor of Ukraine

As a reminder, at the end of last year, Western media reported that the United States proposed to the G7 countries to confiscate $300 billion in frozen Russian assets in favor of Ukraine.

This plan was supposed to be agreed upon by the second anniversary of the full-scale invasion of Ukraine by the Russian occupiers.

Later, journalists wrote that the European Union had made progress in introducing a tax on windfall profits from the frozen assets of the Russian central bank. But there is no talk of confiscation yet.

At the same time, a few days ago, Ukrainian President Volodymyr Zelenskyy said that Western countries were close to confiscating Russian assets.

Yesterday, the EU reached an agreement to use the profits from frozen Russian assets to help Ukraine.