On Tuesday, the President of Estonia, Alar Karis, proclaimed the law regarding the establishment of an international commission for Ukraine's claims for damages.
With the law on the ratification of the convention establishing an international commission for claims for damages to Ukraine, Estonia joins the convention that creates this commission.
The commission will operate on the principle that Russia, in accordance with international law, must compensate for the damage caused to Ukraine as a result of aggression.
The process is based on the 2022 resolution of the UN General Assembly, which reaffirms Russia's obligation to compensate for damages caused by violations of international law.
Estonia was one of the initiators of the creation of this mechanism and actively participated in the development of the convention. Estonia signed the convention last December in The Hague along with 33 other countries and the European Union.
The convention will enter into force after it is ratified or approved by 25 signatory parties, whose financial contributions will cover at least 50 percent of the registry's budget for 2025.
For reference: approximately $800 billion is the total estimate of all losses (direct and indirect) stated by the Ukrainian leadership. Up to $1.7 trillion is the estimate of cumulative economic losses (including lost GDP, investments, etc.)
