Czechia to buy ammunition for Ukraine using proceeds from frozen Russian assets
Illustrative photo (Getty Images)
Czechia will direct part of the interest earned from frozen Russian assets in the European Union towards the purchase of more large-caliber ammunition for Ukraine, according to the Czech Ministry of Defense.
In June, the governments of EU countries agreed to use €1.4 billion in profits from frozen Russian assets to buy weapons and fund other forms of support for Ukraine.
The Czech Ministry of Defense stated that part of this money will be used for an artillery ammunition procurement program for Ukraine, which it manages, sourcing ammunition worldwide, funded by Western partners.
"Based on the success of this initiative, the European Union approached us a few weeks ago with a proposal to use the income from frozen Russian assets to purchase ammunition for Ukraine," said Defense Minister Jana Černochová.
The ammunition deliveries funded by Russian assets will take place in the coming months. The procedure will mirror the previous ammunition initiative. According to the donor's requirements—in this case, the European Union—the Czech Ministry of Defense will act as an intermediary in the procurement process.
"Thanks to the use of income from frozen Russian assets allocated by the European Union, we will be able to supply Ukraine with several hundred thousand units of large-caliber ammunition," Černochová added.
Western countries blocked around $300 billion in Russian sovereign assets after Russia launched its full-scale invasion of Ukraine in February 2022.
EU countries are using the interest generated from these assets, including bonds and other securities purchased by Russia’s central bank, and are channeling it into the EU fund to assist Ukraine in its fight against the Russian invasion.
