Estonian finmin: Russia's frozen assets must be used for supporting Ukraine

TALLINN - The frozen assets of Russia, or the income earned from them, must be quickly redirected to support Ukraine, Estonian Minister of Finance Mart Vorklaev said at meeting of the European Union's finance ministers in Brussels on Tuesday.

Since the beginning of the war, EU finance ministers have regularly discussed the impacts of Russia's war on Ukraine, how to assist Ukraine and make Russia pay for its actions.

 "The war has lasted a long time and we must use every opportunity for additional support, so that Ukraine can keep its country functioning," he said.

Vorklaev added that Estonia supports all steps that would advance the utilization of Russia's frozen assets, or the income derived from their management, for financing Ukraine.

"We should agree on this as soon as possible," he said.

"The damage that Russia has already caused and continues to cause with its military actions is immense. We must make Russia pay for this," Vorklaev said, adding that Estonia is already taking steps towards utilizing frozen Russian assets and a corresponding bill is being handled by the parliament.

The European Commission also provided ministers with an update on the current status of initiatives related to supporting Ukraine, including negotiations on assistance to Ukraine and the implementation of macro-financial assistance. In December, the Commission proposed how to proceed with the use of revenues generated from the frozen assets of the Central Bank of the Russian Federation. Additionally, the use of the frozen assets themselves is also under consideration.