France will allocate a portion of the frozen Russian assets, amounting to 1.4 billion euros (approximately $1.5 billion), to finance the purchase of military equipment for Ukraine. This decision was announced by the French Ministry of Defence on Friday. The ministry stated that it will collaborate with other European Union member states in implementing this new support measure for Ukraine, drawing funds from the European Peace Facility.
The European Commission in Brussels has given the green light for “swift procurement of priority material from French industry,” including ammunition, artillery, and air defense systems. This decision follows an agreement reached by EU member states in May to utilize the interest generated by seized assets belonging to the Russian central bank to support Kyiv. A first tranche of 1.5 billion euros was approved in July. It is estimated that the annual interest revenue from these frozen assets will range between 2.5 and 3.0 billion euros, which will be used to equip Ukraine with weaponry and cover the costs of post-war reconstruction.
Russia has condemned the EU’s decision, labeling it as “illegal.” At a G7 summit held in Italy in June, leaders reached a “political agreement” on a similar arrangement to use frozen Russian assets to support Ukraine. This agreement signifies a growing international effort to utilize Russia’s frozen assets to aid Ukraine in its defense against the ongoing conflict.
