FinancePoliticsWar The EU will spend the revenue from frozen Russian assets on armaments for Ukraine. Thursday, November 21, 2024

The head of EU diplomacy, Josep Borrell, proposed directing a significant part of the future second tranche of revenue from frozen Russian assets to the Ukrainian defense industry. According to Borrell, by the end of the year new supplies of military equipment for Ukraine will also be financed from the same source. From the first tranche of these funds of €1.5B, the EU invested €400M in the Ukrainian defense industry, which paid for the production of Bohdana howitzers.

Currently, Borrell proposes that a significant part of the second €1.9B tranche, which will become available in March or April, be used to purchase military equipment for Ukraine from the country’s manufacturers.

Ukraine’s European partners’ plans regarding the use of the profits from the frozen assets were also confirmed by the Minister of Defense of Germany, Boris Pistorius. He added that the EU has managed to transfer the promised one million artillery shells to Ukraine, so currently Ukrainian and Russian troops have reached parity in this regard.