Officials from Italy and Ukraine met to explore using frozen Russian assets to finance air defense capabilities and ammunition purchases, Ukraine’s Ministry of Defense reported on 11 January.
Frozen Russian assets are financial resources belonging to the Russian government and its entities that were immobilized in Western jurisdictions due to sanctions imposed following Russia’s invasion of Ukraine.
As of early 2024, these assets amount to approximately $300 billion from the Russian Central Bank, with additional funds from oligarchs and state-owned enterprises bringing the total to nearly $400 billion.
Klochko, along with representatives from the Ministry of Strategic Industries and the General Staff of Ukraine’s Armed Forces, reviewed Italian defense companies’ products, the ministry reported.
“We are interested in ammunition of various calibers and air defense systems. We need to understand the cost and timeframes for their potential delivery to Ukraine’s Defense Forces,” said Anatoliy Klochko, Deputy Minister of Defense of Ukraine.
Marcello Mele, representing the Italian Defense Industry Agency, presented his agency’s priorities and outlined potential cooperation mechanisms.
The Italian delegation expressed readiness to participate in the allocation of the European Union budget, particularly regarding Ukrainian industrial capabilities, according to the ministry.
Both sides agreed to continue work on implementing joint industrial projects.
Italy has supported Ukraine since the start of the war in February 2022. Italy has provided military assistance including the SAMP/T air defense system, which can intercept ballistic missiles. In 2023, Italy and France jointly supplied Ukraine with its first SAMP/T battery.
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