Paris will use the proceeds from the frozen assets to buy artillery shells and air defense equipment for Kiev
France has announced that it will use a share of the proceeds from frozen Russian assets to fund the purchase of weapons for Ukraine. The move came after Kiev called on Paris to speed up arms deliveries.
The Western countries have frozen $300 billion in Russian assets in response to Moscow’s military operation in Ukraine. While Kiev and some of its supporters in Europe repeatedly urged to confiscate the funds altogether, the EU has so far failed to find a legal method to do it.
Nevertheless, the European Commission agreed in June to make €1.5 billion ($1.6 billion) proceeds from the Russian assets available for the aid to Ukraine.
“The European Commission has agreed with the French Directorate General of Armaments to use these funds to quickly procure priority munitions, artillery and air defense equipment for Ukraine from the French industry worth 300 million euros [$332 million] by 2024,” the French Defense Ministry said in a statement on Friday.
“This is an opportunity to continue ramping up the French industry in support of Ukraine,” the statement read.
READ MORE: Western governments are in a crisis of their own making
Ukrainian leader Vladimir Zelensky urged France, Britain and the US this month to expedite the deliveries of weapons as Kiev’s forces have been unable to hold off the steady advance of the Russian army in the Donbass. “Decisions are needed, as are timely logistics for the announced aid packages,” he said.
Moscow has insisted that the freezing of its assets abroad was illegal under international law and tantamount to theft. Moscow’s “inevitable response will be severely damaging to Brussels,” Foreign Ministry spokeswoman Maria Zakharova said in June.
