The European Union has agreed to transfer EUR 1 billion in funding from the profits generated by frozen Russian assets, through the European Peace Facility (EPF), to support Ukraine’s defense industry.
A statement of intent was signed by representatives of the EU and the three nations following an informal meeting of foreign ministers in Lviv, according to an Ukrinform correspondent.
Ukraine’s Ministry of Foreign Affairs emphasized that since the start of Russia’s full-scale invasion, EU Member States have provided substantial military assistance, with part of it sourced from the European Peace Fund.
The latest initiative involves a EUR 1 billion investment in Ukraine’s defense industry through the European Peace Facility, led by these member states on behalf of the entire EU, the foreign ministry stated.
The latest initiative directs a €1 billion investment into Ukraine’s defense industry via the European Peace Facility, led by these member states on behalf of the entire EU, according to the foreign ministry.
“These funds will be used to procure weapons from Ukrainian manufacturers. We anticipate swift implementation, ensuring that Ukrainian defenders on the front line receive the newly produced weapons within the coming months,” Ukrainian Minister of Foreign Affairs Andrii Sybiha said at a press conference following the signing of the statement.
The document was signed by EU High Representative Kaja Kallas, Danish Minister for for Industry, Business and Financial Affairs Morten Bødskov, French Minister for Europe and Foreign Affairs Jean-Noël Barrot, and Italian Deputy Minister for Foreign Affairs and International Cooperation Edmondo Cirielli.
As Ukrinform reported, Prime Minister Denys Shmyhal met with EU High Representative for Foreign Affairs and Security Policy Kaja Kallas in Lviv to discuss Ukraine’s defense needs and the battlefield situation.
Source: EU agrees to transfer EUR 1B from frozen Russian assets for Ukrainian weapons procurement
