The Czech Republic will use part of the interest on Russian assets frozen in the European Union to buy more large-caliber ammunition for Ukraine, the Czech Defense Ministry announced today.
Western countries have frozen about $300 billion in Russian state assets since Russia launched its invasion of Ukraine in February 2022.
EU countries take the interest on the assets — which include bonds and other securities bought by the Russian central bank — and deposit them into an EU fund to help Ukraine, which is fighting a Russian invasion.
EU governments agreed in June to use €1.4 billion in profits from the assets to buy weapons and pay for other ways to support Ukraine.
The Czech Defense Ministry announced that part of the money will be used in efforts it is leading to purchase artillery ammunition for Ukraine from around the world, with money from Western partners.
Czech officials said Ukraine received the first shipment under the initiative in June, and deliveries continue every month.
“This is a unique opportunity to support Ukraine quickly and effectively,” the ministry said in a statement.
The Kremlin has called the plan to use interest from frozen Russian assets to fund military aid to Ukraine “theft” and said it would take legal action against anyone involved.
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