France’s defense ministry announced on Friday that it will allocate part of the 1.4 billion euros ($1.5 billion) in revenue from frozen Russian assets to purchase military equipment for Ukraine. This decision is in line with the European Union’s (EU) agreement made in May to use interest generated from seized Russian central bank assets to support Ukraine. The EU’s move has been condemned by Russia as “illegal.”
According to the defense ministry’s statement, France will join other EU member states in contributing to Ukraine's defense through the European Peace Facility. This initiative facilitates swift procurement of priority military materials from French industries, including ammunition, artillery, and air defense systems. These efforts come in response to the ongoing conflict that began when Russia invaded Ukraine in 2022.
Since the invasion, the EU has frozen around 200 billion euros of Russian assets, most of which—roughly 90 percent—are held in Belgium through Euroclear, an international clearinghouse and depository for securities.
The EU’s plan aims to use the interest from these frozen assets to support Kyiv, with an initial tranche of 1.5 billion euros already approved in July. It is estimated that annual revenue from these assets could generate between 2.5 to 3 billion euros, which will not only help arm Ukraine but also assist in post-war reconstruction efforts.
In a related development, G7 leaders also reached a political agreement in June to explore a similar approach, demonstrating continued international support for Ukraine. Ukrainian President Volodymyr Zelensky, during a meeting with allies at the US Ramstein Air Base, reiterated his request for more weapons and permission to use them against targets within Russia.
In addition to France's announcement, the UK pledged to provide 650 missile systems valued at 162 million pounds ($213.13 million) to defend Ukraine from Russian drone and bombing attacks. On the battlefield, Russian forces reportedly seized the village of Zhuravka in eastern Ukraine’s Donetsk region. Meanwhile, Ukraine claimed a rare success by recapturing part of the town of New York in Donetsk Oblast.
US Defense Secretary Lloyd Austin also confirmed that President Joe Biden will approve an additional $250 million in security aid for Ukraine, signaling ongoing support from the West.
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