Finland to supply ammunition to Ukraine using proceeds from frozen Russian assets

Finland’s Ministry of Defense said this in a press release seen by Ukrinform.

Finland has been selected as one of the states implementing European Union measures to supply Ukraine with defense materiel using proceeds from frozen Russian assets.

Finland has made an agreement with the European Commission to supply Ukraine with heavy ammunition. The ammunition will be procured from Finnish suppliers, and the procurement will be funded with proceeds from frozen Russian assets, which will be channeled through the European Peace Facility (EPF). The agreement is valued at EUR 90 million.

“We were able to negotiate additional funding for Finland’s support for Ukraine. The funds come from frozen Russian assets. The products are purchased from Finnish industry to boost employment at home and sent to Ukraine to help its defense. I am very pleased with the outcome,” said Minister of Defense Antti Hakkanen.

He added that Finland’s support for Ukraine is unwavering and strong even in other respects.

“This new package alongside our national EUR 660 million support program will forge closer links between the Finnish industry and Finland’s support for Ukraine. This is a great example of the Finnish defense industry’s abilities, and it shows that our investments into ammunition production capacity are paying off,” Hakkanen said.

No further information will be provided on the content, manner or schedule of the delivery.

In early May, the European Union, along with Denmark, France, and Italy, agreed to allocate EUR 1 billion from the European Peace Facility — sourced from extraordinary net revenues of frozen Russian assets — to support Ukraine’s defense industry.

Photo: Office of the President of Ukraine