Estonian law on using frozen Russian assets sets important precedent for Europe - FM

TALLINN. May 22 (Interfax) - By adopting an amendment to the sanctions law, which allows using frozen Russian assets, Estonia set a precedent and showed to entire Europe that it works, Estonian Foreign Minister Margus Tsahkna said.

"Estonia decided that we should amend the [sanctions] law in order to envisage the possible use of frozen Russian assets. This applies to assets of both the Russian Central Bank and Russian oligarchs," Tsahkna told the Estonian television and radio broadcaster.

Russian assets nearing 37 million euros, including revenues from the sanctioned fertilizer transit, have been frozen in Estonia, he said, adding that the precedent itself is more important than the size of assets.

Tsahkna admitted that Estonia would be unable to legally protect assets of its citizens in Russia from Moscow's possible countermeasures and said Estonian citizens must decide for themselves what to do with their property.

The Estonian parliament amended the sanctions law on May 15 to allow using frozen Russian assets to support Ukraine. Estonia was the first in the world to pass such legislation.