Ukraine eyes several EU funding options for arms production — Minister Kamyshin

Large-caliber ammunition
Large-caliber ammunition

Ukraine is exploring various avenues to secure EU funding to place orders with its domestic arms industry, Strategic Industries Minister Oleksandr Kamyshin said in an interview with Euractiv on May 9.

"We are effective and capable of producing sufficiently at scale and cost; what we lack is funding," said Kamyshin.

The minister added that Ukrainian authorities have identified several initiatives to draw on European financial support. One such avenue is leveraging the European Peace Facility fund. It would mean EU countries ordering equipment from Ukrainian manufacturers and then simply transferring the ownership of the output to Kyiv.

Read also: Ukraine builds underground arms factories — report

Another option involves capitalizing on the profits generated from frozen Russian assets held in the EU.

“We're also considering using the revenue from frozen Russian assets, which could amount to EUR 3 billion, to fund purchases within Ukraine under this program," Kamyshin explained.

He also mentioned a third proposal: to include purchases from Ukrainian defense manufacturers under the European Defence Industrial Development Programme (EDIDP).

In recent days, EU member states moved closer to greenlighting a plan to funnel revenues generated by Russian Central Bank’s frozen assets towards military aid to Kyiv.

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