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Estonia Intensifies Financial Sanctions Against Russia and Other Countries

Introduction

The Estonian government has been imposing various types of financial sanctions against countries, regimes, and individuals deemed to be threats to international security, democracy, and human rights. This article will explore the different types of financial sanctions used by Estonia and their implementation process.

What are Financial Sanctions?

Financial sanctions are foreign policy measures aimed at supporting the maintenance or restoration of peace, international security, democracy, and the rule of law. The main objective is to make third countries or sanctioned individuals respect principles and standards of international law, to make the continuation of sanctioned activities as expensive and inconvenient as possible, and to prevent unacceptable operations of the sanctioned addressees.

Who Imposes Financial Sanctions?

International sanctions are imposed by the United Nations Security Council resolutions, the European Union’s Council decisions and regulations, or a country. In Estonia, international sanctions are implemented under directly applicable regulations of the European Union and national legal acts.

Types of Financial Sanctions

  • Obligation to Freeze Assets: Sanctioned individuals cannot access their financial resources in the European Economic Area, including cash, cheques, bank savings, shares, or realize them. This does not mean confiscating assets - sanctioned individuals retain ownership.
  • Prohibition on Making Assets Available: Residents, companies, or public actors of the European Union are prohibited from making financial or economic resources available to sanctioned individuals or units directly or indirectly.
  • Prohibition on Entry: Sanctioned individuals are banned from entering the territory of Estonia, with exceptions for humanitarian reasons or to enable Member States to fulfill their obligations under international law.

Monitoring Financial Sanctions

Monitoring of financial sanctions is conducted by the Money Laundering Data Bureau of the Police and Border Guard Board. Implementation of Prohibition on entry sanctions is monitored by the Ministry of the Interior.

Other Types of Sanctions

In addition to typical sanctions, Estonia has also imposed:

  • Entrance bans
  • No-fly zones
  • Export-import bans (e.g., raw materials, timber, luxury goods, fuel, cultural goods, gold, precious metals)
  • Investments, payments and prohibitions on capital movements
  • Restrictions on tourism
  • Defence-related collaboration
  • Education

Conclusion

Estonia’s financial sanctions are an essential tool in the country’s foreign policy to promote peace, security, democracy, and human rights. By understanding the different types of financial sanctions and their implementation process, we can better appreciate the complexities of international relations and the importance of cooperation among nations.