Ambassador: EU to use Danish model to channel € 1 billion from frozen Russian assets into Ukrainian defense industry

EU member countries will use €1 billion, generated from the revenue of frozen Russian assets, to purchase weapons, ammunition, and air defense systems for Ukraine under the Danish model, says the EU Ambassador to Ukraine, Katarina Maternova, according to Interfax-Ukraine.

This week, the European Commission will receive €2.1 billion in unforeseen revenue from frozen assets of the Russian central bank held in central depositories.

"Most of the funds will be used for the purchase of weapons, ammunition, and air defense systems for Ukraine in the form of grants," Maternova notes. 

As the ambassador explains, part of the funds will be allocated to EU member states for the procurement of ammunition and air defense systems. In total, of the €2.1 billion, €1 billion will go to Ukraine's defense industry under the "Danish model."

Maternova reminded that in August of last year, the EU had already invested €400 million into Ukraine's defense industry.

"This time, the EU will provide €1 billion in grants for the defense industry. Contract preparations are currently underway," she adds. 

Earlier, Ukrainian Defense Minister Rustem Umerov said that Kyiv was exploring the possibility of hosting the next meeting of leading nations in the Ramstein format in Ukraine, involving representatives from the Ukrainian forces and the defense industry.