EU to allocate €1 billion from frozen Russian assets to strengthen Ukraine's defense industry
The European Union is channeling surplus revenues to bolster Ukraine's defense capabilities. The European Commission has proposed directing €1 billion from the second batch of frozen Russian assets, directly towards boosting Ukraine's defense industry. This announcement was made by Justice Commissioner Didier Reynders during a plenary session of the European Parliament in Strasbourg, as reported by Ukrinform.
"We have mobilized €1.5 billion from frozen Russian assets' surplus revenues. 90% of this first tranche will be funneled through the European Peace Facility to deliver essential equipment to Ukraine, including artillery ammunition and air defense systems, marking a first in direct orders from the Ukrainian defense industry. From the next tranche, expected at €1.5 billion, we have proposed allocating €1 billion for Ukraine's industrial sectors," noted the Commissioner.
He added that since the onset of Russia's invasion, the EU has mobilized around €45.5 billion for military support, €6.1 billion of which has been channeled through the European Peace Facility. This assistance empowers the EU to supply Ukraine with a wide array of weapons necessary to counter the aggression. Recently, Ukraine received F-16 fighter jets thanks to initiatives by the Netherlands, Denmark, and other European nations.
"The European Union committed to and delivered 1 million artillery shells to Ukraine. Concurrently, it has ramped up its own defense manufacturing capabilities, enhancing production to not only provide long-term support for Ukraine but also to replenish our stockpiles. By assisting Ukraine, we are also safeguarding our own security," emphasized the Commission representative.
He added that EU member states are training Ukrainian military personnel, aiming to equip 75,000 forces for Ukraine by the end of the winter season.
"However, we realize the current aid level is insufficient to tip the battlefield situation in Ukraine’s favor. Russia has mobilized its entire economy for the war effort, seeking military aid from North Korea and Iran, alongside substantial Chinese support. We must increase our assistance to Ukraine," stated Didier Reynders.
He underlined Ukraine’s urgent need for more air defense systems, ammunition, and long-range weaponry.
The Commissioner asserted that the European Union will continue working with member states to scale up such supplies to Ukraine and tailor this aid to Ukraine's pressing needs.