Prime Minister Michal: Solution for using frozen Russian assets is closer

"It is important to help Ukraine achieve a just peace on terms that suit it. To do this, pressure must be maintained on the aggressor. The 19th package of sanctions approved by the European Council and the long-awaited US sanctions on Russia's oil industry will help to stop Russian aggression. It is now important to continue working on the 20th package of sanctions. We must continue to target Russia's fossil fuel exports, its tanker fleet, lower the price ceiling on petroleum products, and more effectively enforce existing restrictions," Michal said.

The Prime Minister added that we must find a way to use the aggressor's assets for the benefit of Ukraine. "Russia must pay for what it has destroyed," he added. The European Council tasked the European Commission with presenting specific options for financing Ukraine, on the basis of which final decisions can be reached.

Michal pointed out that frozen Russian funds must help cover Ukraine's most important needs. On the other hand, the funds will also contribute to the development of the defence industry in Europe, including Estonia. "We must slow down the Russian war machine by weakening its economy and developing our own defence industry. This is a long-term solution to discourage the Kremlin from attacking its neighbours in the future," he said.

The Prime Minister emphasised that the countries of the European Union must work together to protect their eastern flank. Together, we need to find solutions and funding for developing air defence capabilities, and counter-drone defence is part of this. "The threat comes from the east. It would therefore be in solidarity to contribute to the defence of the eastern border through joint funding. The establishment of counter-drone defence cannot be delayed any longer, and I am pleased that Estonia has already taken concrete steps," said the Prime Minister.

Estonia wants the European Union to make faster progress in reducing bureaucracy and simplifying existing legislation, while avoiding an increase in the administrative burden through new rules. "It is important that EU law supports digital solutions, such as data-based reporting, which help to reduce the burden on businesses," said the Prime Minister. He added that the internal market must be strengthened by removing barriers and promoting the services sector, small and medium-sized enterprises, and innovation.

"To ensure strategic autonomy, Estonia emphasised the need to keep energy prices affordable, reduce dependence on Russian fossil fuels and develop clean energy production," Michal said.

In addition, EU leaders discussed at the meeting of the European Council the competitiveness and climate goals of the European Union, housing and migration issues, and the situation in the Middle East. On 22 October, EU heads of state and government held a dinner with Egyptian President Abdel Fattah el-Sisi. An Euro Summit was also held on the same day as the European Council meeting, focusing on the topic of the digital euro.

On Friday, Kristen Michal will give an opening speech at the ALDE Congress, which unites European liberal parties, and attend a video meeting of the Coalition of the Willing to support Ukraine.

Government Communication Unit