The US Congress is preparing to confiscate Russian assets to assist Ukraine, and Estonia is the first in the EU to develop a legal confiscation mechanism.

The corresponding draft act has been introduced by a bipartisan group of US senators, which primarily concerns the assets of the Central Bank of the Russian Federation. The document is entitled the Rebuilding Economic Prosperity and Opportunity for Ukrainians Act (REPO) and has bipartisan support. It was introduced immediately to the Senate and the House of Representatives.

Here is what REPO offers:

1. gives the US president the right to confiscate Russian sovereign assets frozen within the country and transfer them to help in Ukraine’s reconstruction;
2. prohibits the unfreezing of sanctioned assets until Russia withdraws its troops from Ukraine and agrees to pay reparations;
3. instructs the US president to create an international mechanism for transferring confiscated/frozen Russian assets for Ukraine’s benefit.

Meanwhile, Estonia has become the first country in the EU to develop a legal mechanism for confiscating frozen Russian Federation assets, Estonian Foreign Minister Margus Tsakhkna said. In the coming days the project defined by the relevant amendment to Estonian law will be submitted to the government for consideration.