Estonia will soon become the first EU country to introduce a mechanism for using confiscated Russian assets.
The Office of the President of Ukraine’s deputy head Ihor Zhovkva announced this after a meeting with Estonia’s Deputy Foreign Affairs Minister Kyllike Sillaste-Elling, the CFTS portal reports.
According to him, Estonia is working on amendments to its national legislation to allow the transfer of confiscated Russian assets for the reconstruction of Ukraine.
"We appreciate your leadership on the issue of using Russian assets for the reconstruction of Ukraine. Estonia will be the first European country to introduce a legal mechanism to address this issue. You are setting an important example for others," Zhovkva said.
As the CFTS portal reported earlier, the Estonian authorities are planning to auction off bulk and liquid terminals owned by Russian companies in the ports of Muuga and Sillamae. Proceeds from the auctions of these frozen Russian assets are to be used for the reconstruction of Ukraine.
Most of the assets currently frozen in Estonia are owned by Russian companies DBT and EuroChem Terminal Sillamae, which engage in the transshipment of fertilizers from Russia. They own bulk and liquid terminals in the ports of Muuga and Sillamae.
