Ukraine has proposed three initiatives to attract EU funds to strengthen its defense industry.

Minister of Strategic Industry Oleksandr Kamyshin said that Ukraine seeks to attract additional funds from the EU to strengthen its arms industry and implement additional production facilities unrelated to current contracts.

“Our goal is to find more funds for purchases from Ukrainian arms manufacturers. We have found several initiatives that may be implemented. From the point of view of scale and cost, we are efficient and capable of producing enough, the only thing missing is funding,” he said.

The minister named three financing options from the EU:

1. Expansion of the European Peace Fund – the initiative provides for reimbursement of costs to EU states that purchase weapons in Ukraine.
2. Profits from frozen Russian assets, up to €3B, can be used to purchase weapons.
3. The inclusion of purchases from Ukrainian manufacturers in the European Defense Industry Program (EDIP): The initiative aims to supplement the capacities of European arms manufacturers.