Helsinki: Finland will provide Ukraine with €90 million ($101.35 million) worth of ammunition, funded by proceeds from frozen Russian financial assets, the Finnish Ministry of Defence announced on Monday.
This initiative marks part of a broader European effort to redirect interest generated from Russian central bank reserves frozen in the European Union following Moscow’s full-scale invasion of Ukraine in 2022. The European Union estimates that approximately €210 billion of the nearly $300 billion in frozen Russian assets are held within its 27 member states, largely in the form of government bonds previously maintained as foreign reserves by Russia’s central bank.
The European Commission had ruled last year that revenue generated from these frozen assets could be allocated to bolster Ukraine’s military capabilities through a European Union-managed fund.
“We were able to negotiate additional funding for Finland’s support for Ukraine,” said Finnish Defence Minister Antti Häkkänen. “The products are purchased from Finnish industry to boost employment at home and sent to Ukraine to help its defence. I am very pleased with the outcome.”
Also Read | Erdogan’s Pro-Pakistan Stand Sparks Widespread Turkish Goods Boycott in India
While the Kremlin did not immediately issue a comment on Finland’s decision, Russian officials have consistently denounced any attempt to seize or redistribute the proceeds of frozen assets. Moscow argues such actions violate international property rights, set a dangerous legal precedent, and have pledged to challenge them through judicial avenues.
The EU’s mechanism for reallocating the interest proceeds marks a significant step in its strategy to sustain Ukraine’s defense capabilities without directly seizing principal Russian assets, a move likely to escalate legal and geopolitical tensions.
