Denmark is investing over $628M in Ukraine’s defense industry.

Denmark and Ukraine have agreed to terms on a DKK 4.2B ($628M) purchase from the Ukrainian defense industry, the Danish Ministry of Defense reported.  Denmark will use income from frozen Russian assets for the investment.

Defense Minister Troels Lund Poulsen, his Ukrainian counterpart Rustem Umerov, and Minister of Strategic Industry Herman Smetanin signed an agreement on intentions to continue cooperation through Ukrainian defense enterprises. The weapons order will be financed with DKK 1.3B the government, with the support of the Danish Parliament, allocated for this purpose, and DKK 2.9 billion from frozen Russian assets, which will be transferred to the EU.

“Denmark is leading the way by donating weapons directly from the Ukrainian defense industry. This strengthens the ability of Ukrainians to produce precisely the weapons that are in demand,” said Troels Lund Poulsen.