EU allocates €1 billion from excess profits generated by frozen russian assets to Ukraine’s defense industry

The European Union has allocated €1 billion to the Ukrainian defense industry. The funds will come from excess profits generated by frozen russian assets.

The European Commission signed a corresponding agreement with the governments of several European countries today, May 9.

This strategic decision will enable the production of a wide range of weapons for the Defence Forces of Ukraine, including drones, ammunition, and other critical assets.

“This is not only a strengthening of Ukraine’s defense capabilities but also an investment in the development of our industry. We are becoming more self-sufficient and stronger,” stated Ukraine’s Minister of Defence Rustem Umerov.

Furthermore, the use of russian assets to support Ukraine is a significant step toward restoring justice. 

“This establishes the groundwork for future reparations that must result from the war unleashed by russia,” said Ukraine’s Minister of Defense

Rustem Umerov expressed gratitude to the European Union and its member states for their trust, leadership, and support in the joint fight for peace and security in Europe.