This year, the European Commission will allocate €300 million to France from the proceeds of frozen Russian assets to purchase weapons for Ukraine.
This was announced by the French Ministry of the Armed Forces.
Together with other EU member states, France will participate in the implementation of a new measure to support Ukraine under the European Peace Fund. It involves the use of about €1.4 billion in proceeds from frozen Russian assets under EU sanctions.
The funds will be used to purchase ammunition, artillery systems and anti-aircraft equipment from French manufacturers.
‘The European Commission has agreed with the Directorate-General for Armaments that it will use these funds to rapidly purchase priority equipment for Ukraine, including ammunition, artillery and air defence equipment from French industry, totalling 300 million by 2024,’ the statement said.
It is expected that by the end of 2024, France will supply military assistance worth €300 million.
‘This will increase the production capacity of French industry in support of Ukraine,’ the French ministry said.
The European Peace Facility (EPF) is an extrabudgetary aid instrument approved by the EU Council on 22 March 2021, which operates under the Common Foreign and Security Policy (CFSP). It aims to strengthen the EU’s capacity to prevent conflicts and strengthen international security by financing projects that contribute to the fight against terrorism.
Source: The Gaze
