Finland Redirects Russian Frozen Assets to Aid Ukraine
Finland will provide €90 million worth of ammunition to Ukraine using funds from frozen Russian assets, as per the Finnish defense ministry. The European Commission has authorized using proceeds from these assets to aid Kyiv's military. Finland aims to support its industry while assisting Ukraine’s defense.
In a bold move, Finland announced its plan to supply Ukraine with €90 million ($101.35 million) worth of ammunition, utilizing funds derived from Russian assets frozen by the European Union following Moscow's invasion in 2022, the Finnish defense ministry revealed on Monday.
The European Union has frozen approximately $300 billion in Russian assets, with €210 billion held within the member states. The European Commission approved last year that the interest generated from these assets could bolster Ukraine's military through an EU-administered fund.
Finnish Defence Minister Antti Hakkanen expressed satisfaction with the arrangement, emphasizing the dual benefit of supporting both the Finnish defense industry and Ukraine's military efforts. Meanwhile, the Kremlin has opposed the utilization of its frozen assets, claiming it contravenes legal property rights.
(With inputs from agencies.)
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