The European Union has approved a €1 billion fund to support Ukraine’s defence industry, sourced from interest on frozen Russian assets in the EU, announced European diplomacy chief Kaja Kallas in Lviv, Ukraine.
Kallas stated that the funds will help Ukraine enhance its defence capabilities against the Russian invasion, during a visit with several European ministers to Ukraine.
Since the war began in 2022, Western nations have frozen approximately €235 billion in Russian assets, most of which are held in Europe.
In March, the EU decided to utilise the interest generated from these assets to support Ukraine, a move that Moscow has labelled as “theft.”
French Foreign Minister Jean-Noël Barrot revealed that France will use some of these revenues to maintain Caesar artillery pieces supplied to Ukraine.
The EU is increasing its support for Ukraine, especially after Donald Trump returned to the White House in January. Trump has openly criticised the substantial financial support for Ukraine provided by his predecessor, Joe Biden.
