Ukraine is actively seeking funding from the European Union to support its own arms industry and mobilize additional capacity that is not tied to contracts.
About this stated Oleksandr Kamyshyn, Minister of Strategic Industries, reports Euractiv.
“Our goal is to find more funds for purchases from Ukrainian arms manufacturers. We have identified several initiatives that may be implemented. In terms of scale and cost, we are efficient and capable of producing enough, the only thing missing is funding“, he emphasized.
One of the initiatives envisages “expanding the funds of the European Peace Fund to compensate member states that purchase directly in Ukraine and leave the specified equipment in Ukraine – it’s fast, it works, it will be great.”
“Secondly, there will be (use – ed.) surplus profits from frozen Russian assets, up to 3 billion euros, and the inclusion of purchases in Ukraine in this program“, he said, adding: “When you look at the Ukrainian defense industry, we have built a good machine that can run fast – all we need now is to fill it with sustainable fuel, which can only come from excess profits from Russian frozen assets “.
Ukraine has been fighting Russia since February 2022 and needs significant resources to support its armed forces. The EU has already given billions of euros in aid to Ukraine, but Kamyshyn says additional funds are needed to help the country produce its own weapons and ammunition.
