The EU will spend €300M of revenues from frozen Russian assets to purchase weapons for Ukraine from French manufacturers.

As reported by the French Ministry of Defense, France has joined Ukraine’s new defense support program, established within the framework of the European Peace Fund. The program will allocate €1.4B in annual revenue generated from seized Russian assets to support Ukraine’s Armed Forces, with €300M to be allocated during 2024.

The first part of the funds will be spent on ammunition, artillery, and air defense systems for the Ukrainian army, purchased from French manufacturers. The agency expects that this decision will help increase the number of French products sent as aid to Ukraine in the future. As the ministry explains, these funds will make it possible to increase production in French industry, which will work to support Ukraine.

Early this year, EU members agreed to use of interest received from the assets of the Russian Federation held in the EU. In July, the EU announced the allocation of €1.5B in aid from these funds to Ukraine. These assets are expected to generate between €2.5 and €3B per year to help arm Ukraine and finance its reconstruction.