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Monday November 18 2024

US transfers about $500,000 in forfeited Russian funds to Estonia for benefit of Ukraine

18 February 2024 19:11 (UTC+04:00)
US transfers about $500,000 in forfeited Russian funds to Estonia for benefit of Ukraine

US Deputy Attorney General Lisa Monaco and Estonian Secretary General Tõnis Saar announced at the Munich Security Conference the transfer of nearly $500,000 in forfeited Russian funds for the purpose of providing aid to Ukraine, Azernews reports, citing the US Department of Justice.

The funds were forfeited by the United States following the breakup of an illegal procurement network attempting to import into Russia a high-precision, US-origin machine tool with uses in the defense and nuclear proliferation sectors. Additionally, on Feb. 14, a citizen of Latvia charged criminally in connection with the procurement scheme pleaded guilty to violating US export laws and regulations.

This transfer is the first of its kind from the United States to a foreign ally for the express purpose of assisting Ukraine, and the second time the Justice Department’s Task Force KleptoCapture has made confiscated Russian assets available for Ukraine—having provided $5.4 million in forfeited funds last year to the State Department for the support of Ukrainian war veterans. The confiscated funds are being transferred to Estonia since under current authorities, the facts of this case do not allow for a direct transfer to Ukraine. Estonia will use the funds for a project to expedite damage assessments and critical repairs to the Ukrainian electrical distribution and transmission system, which have been purposefully targeted by Russian forces.

The Department noted that together with its international partners, it will seek and develop novel solutions to ensure that the profits of Russian networks are redirected for the support of the Ukrainian people.

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