France said that it will be spending part of its one billion Euros to combat climate change. 4 billion from the frozen Russian assets to buy equipment for Ukraine’s military Opracja, an outlet reported, citing the French defense ministry. This decision is among many measures that EU member states have taken in an endeavor to stand with Ukraine as it fights off Russia’s aggression.
“In addition to other EU member states, the ministry will participate in a new support measure for Ukraine under the European Peace Facility,” the statement said. This EU scheme enables the fast purchasing of vital munitions and other military equipment from French suppliers: ammunition; artillery; air defense; etc.
Following Russia’s invasion of Ukraine in 2022, an estimated €200 billion of Russian property has been blocked in the EU member states. A large share of around 90% is transmitted to Belgium which is host to Euroclear, this is an international clearing house.
People of the EU agreed in May to unfreeze the assets belonging to the Russian officials and use the interest for assistance to Kyiv. The first check of € 1. 5 billion was approved in July, the Philippine Daily Inquirer reported. This interest revenue is forecast to be as low as €2%. 5 billion and €3 billion annually, to arm Ukraine and for the post-war rebuilding process.
Russia’s reaction towards the EU decision has however labeled it as unlawful or rather illegal.
At the same time, the leaders of the G7 countries agreed in political terms in June to follow a similar course, intending to use the frozen Russian assets as a guarantee for the loans for Ukraine.
This step proves the continued cooperation of the countries of the world for Ukraine during the war, and France is the most significant supplier of military equipment.
