“We should impose tariffs on goods from Russia to fund reparations,” he stated. “The idea of different tariffs on Russian goods funding Ukraine’s reconstruction has been discussed in various settings.”
Last November, seven countries, including Estonia, proposed tariffs on Russian products like steel and fertilizer, but the initiative has stalled and wasn’t included in the EU’s recent 20th sanctions package.
Michal noted that Moscow’s frozen assets, worth €210 billion and held by a financial depository in Brussels, wouldn’t be sufficient to cover the vast expenses.
The complete financial toll of Russia’s four-year invasion of Ukraine — which has resulted in significant casualties, displaced millions, and destroyed cities — is challenging to quantify.
However, a study commissioned by the Ukrainian government, United Nations, European Commission, and World Bank, released the previous February, estimated €500 billion would be needed over a decade to rebuild Ukraine. The study also indicated that 13 percent of Ukraine’s housing had been destroyed in the conflict’s first three years.
“Moscow should be accountable,” Michal declared. “If not, such events will recur. We in Estonia have a longer standing with Russia. We know what Russia is. Our independence was regained not long ago.”
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