The European Union invests $440 million in Ukraine’s growing arms industry using profits from frozen Russian assets.
The Washington Post reports that the recent decision by the European Union to invest $440m in Ukraine’s rapidly growing arms industry “marks an important shift in the bloc’s approach to Russia’s war against its neighbour, but also highlights EU defense sector‘s shortcomings in manufacturing weapons and ammunition.” This investment is made from the profits of Russian assets that have been frozen in the West.
The EU’s contribution forms part of a larger initiative to address shortages of Western weapons production, and to enhance Ukraine’s capability to manufacture its defense equipment. While Europe and the US provided billions of dollars in weapons to Ukraine their defense industries, used to fewer conflicts have struggled to meet Ukraine’s demand.
The Danish government will provide an additional $190 million in support of Ukraine’s defence sector, on top of the EU funding.
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