EU to Use Proceeds From Frozen Russian Assets to Buy Weapons for Ukraine

The European Union will use the proceeds from Russian financial assets held in European banking institutions to collectively purchase weapons for Ukraine. This was announced today in Strasbourg during a hearing in the European Parliament by European Commission President Ursula von der Leyen, Ukrinform reports.

"It's time to discuss the use of profits from charges on frozen Russian assets for the joint purchase of military equipment for Ukraine. There can be no more powerful symbol or more appropriate use of this money," von der Leyen said.

According to her, member states are pursuing a more coordinated policy to jointly order weapons and ammunition. The European Defence Fund invests in the development of modern defence capabilities in key areas: naval and land forces, air combat and space-based early warning systems, development of cyber defence capabilities, etc.

"The European Peace Facility has already mobilized €6.1 billion to support the Armed Forces of Ukraine, including the supply of lethal and non-lethal military equipment and supplies... It is important that we have taken a big step to increase our defence production capabilities. Next week, we will announce an award decision under the ASAP programme (EU Ammunition Production Assistance Programme - ed.). This funding will make it possible to almost double the production of ammunition in Europe - to more than 2 million per year - by the end of 2025," the European Commission President added.

As reported, since the beginning of Russia's military aggression against Ukraine, the EU and its member states have provided Ukraine with financial, economic, humanitarian and military assistance worth about EUR 90 billion. At the same time, the EU has identified weaknesses in its own defence and security system, as well as in the capabilities of the European defence industry.