PRAGUE: The Czech Republic will use among the curiosity earned on Russian property frozen within the European Union to purchase extra large-calibre ammunition for Ukraine, the Czech Defence Ministry mentioned on Tuesday (Aug 20).
Western international locations blocked about US$300 billion value of sovereign Russian property after Russia launched its full-scale invasion of Ukraine in February 2022.
EU international locations are taking the curiosity earned on the property -which embody bonds and different securities purchased by the Russian central financial institution – and placing it into an EU fund to assist Ukraine because it fights the Russian invasion.
EU governments agreed in June to make use of €1.4 billion (US$1.5 billion) in income generated by the property to purchase arms and pay for different kinds of help to Ukraine.
The Czech Defence Ministry mentioned a few of that cash could be used for an effort it has been main to purchase artillery ammunition for Ukraine around the globe, funded by Western companions.
In June, Ukraine obtained its first consignment below the initiative and deliveries proceed each month, Czech officers have mentioned.
“It is a distinctive alternative rapidly and successfully help Ukraine,” a ministry assertion mentioned.
The Kremlin referred to as the plan to make use of curiosity earned on frozen Russian property to fund navy help to Ukraine “theft” and mentioned it will take authorized motion towards anybody concerned within the determination.