The European Union will allocate 900 million euros ($999.83 million) in the coming weeks for the purchase of weapons and ammunition for Ukraine.
Points of attention
- The European Union will allocate 900 million euros to support Ukraine's military needs by utilizing proceeds from frozen Russian assets.
- The support provided will enhance Ukraine's defense industry by investing in modern technologies such as drones and missiles.
- Approximately 3.3 billion euros have been allocated by the EU to support Ukraine amidst the ongoing conflict.
EU to allocate money for Ukraine's military needs
This was announced by Charles Fries, Deputy Secretary General of the EU External Action Service, at the opening of the 2nd Ukraine-EU Defense Industry Forum.
As Fries noted, the support to Ukraine, which will be provided over the next two weeks, will be financed by windfall profits from frozen Russian assets.
Thus, the EU has allocated a total of 3.3 billion euros to support Ukraine and its defense industry.
Fries noted that last week in Lviv, contracts were signed that will help invest money in "the most modern branches of the Ukrainian defense industry, for example, in the production of drones and missiles."
After the start of a full-scale war, Western countries decided to freeze approximately $ 300 billion belonging to the Central Bank of the Russian Federation. The bulk of these funds are placed within the EU, in particular in the Belgian financial institution Euroclear, which is engaged in clearing. Other funds are located in the United States of America (USA), Japan and G7 countries
The assets remain under arrest. Representatives of the G7 countries have repeatedly stressed that the unfreezing will not occur until Russia compensates Ukraine for the damage caused. At the same time, the EU has already begun to direct the income received from the frozen assets to support Ukraine.
