EU directs EUR1 bln from excess profits from Russian assets to Ukraine's defense industry - Umerov
The European Commission has signed an agreement with the governments of a number of EU countries to direct EUR1 billion from excess profits from frozen Russian assets to Ukraine's defense industry, Defense Minister Rustem Umerov said.
"The EU has directed EUR1 billion from excess profits from frozen Russian assets to the Ukrainian defense industry. The European Commission signed a corresponding agreement with the governments of a number of European countries," he wrote on Facebook.
According to him, this strategic decision will allow the production of a wide range of weapons for the Defense Forces, including drones, ammunition and other critically important equipment.
"This is not only strengthening Ukraine's defense capabilities, but also an investment in the development of our industry. We are becoming more self-sufficient and stronger," the minister emphasized.
He noted that the use of Russian assets to strengthen Ukraine is an important step towards restoring justice. It lays the foundation for paying reparations that should be the result of the war unleashed by Russia.
The minister also recalled that last year the EU announced the allocation of a total of EUR3.3 billion of excess profits from frozen Russian assets for military assistance to Ukraine in 2024–2025, in particular, part of these funds will go to strengthening the air defense system.
"I sincerely thank the European Union and its member states for their trust, leadership and support in the joint struggle for peace and security in Europe," Umerov concluded.
