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EU channels €1.4 bln of profit from frozen Russian assets for buying weapons for Ukraine

"Close to €1.4 billion have already been channeled through the European Peace Facility to deliver priority equipment, including artillery ammunition and air defense, as well as - for the first time - procurement from the Ukrainian defense industry," the statement says

BRUSSELS, September 17. /TASS/. The European Union has used 1.4 bln euro worth of profits from frozen Russian assets for providing military support to Ukraine, executive vice president of the European Commission (EC) Valdis Dombrovskis said.

"The first tranche of windfall profits from frozen Russian assets has now been mobilized. Close to €1.4 billion have already been channeled through the European Peace Facility to deliver priority equipment, including artillery ammunition and air defense, as well as - for the first time - procurement from the Ukrainian defense industry," according to his statement released on the EC’s website.

"Work has proceeded very swiftly, and contracts have been signed with several EU Member States that serve as Implementing Actors. We expect the majority of deliveries to take place before the end of the year," Dombrovskis noted.

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