The European Union will dedicate 2.1 billion euros ($2.4 billion) in revenue generated from frozen assets of the Russian Central Bank to Ukraine's defense industry, the EU's Ambassador to Ukraine, Katarina Mathernova announced on April 10.
"I have some good news to share, as there have been concrete announcements yesterday — clear proof that the EU stands, and will continue to stand, firmly with Ukraine," Mathernova said in a Facebook post.
"The EU will use 2.1 billion euros in revenues from the Russian frozen assets to give Ukraine the much needed air defenses and ammunition."
About 1 billion euros ($1.1 billion) of these funds will directly support Ukraine's defense industry via the "Danish model," according to the ambassador.
In 2024, Denmark became the first country to offer to donate arms to Ukraine via direct purchases from the Ukrainian defense industry – establishing the Danish model as a successful mechanism for boosting Ukraine's defense capabilities.
Mathernova also noted that in August 2024, the EU invested 400 million euros in Ukraine's defense industry.
Separately, on April 9, Prime Minister Denys Shmyhal announced that the EU is allocating another financial assistance tranche of 1 billion euros ($1.1 billion) as part of the G7 loan program for Ukraine.
Chris York
(Updated: )
