Estonia is preparing to introduce an asset forfeiture mechanism

Estonia plans to introduce a legal framework for confiscating Russian assets this month, moving forward in an attempt to hand over funds frozen under European Union sanctions to Ukraine.

That's what Bloomberg reported.

The legal framework will be in place by the end of January after the government in Tallinn in late December instructed ministries to develop an asset forfeiture plan, Mihkel Tamm, a spokesman for the Foreign Ministry, said Monday.

Estonia intends to submit the plan by the time the European Commission develops a block-wide agreement to deal with 300 billion euros in Russian central bank reserves and billions more in frozen assets of sanctioned Russian individuals.

EU members "should continue to work to ensure accountability for the crime of aggression and use of frozen Russian assets," Estonian Prime Minister Kaja Kallas said in December.

Estonia's anti-money-laundering agency estimates that frozen funds in Russian accounts in the country total nearly 20 million euros.

Author - Olena Madiak, 10/01/2023