The Czech Republic is creatively using the interest earned on frozen Russian assets in the EU to buy artillery shells for Ukraine. Since the conflict in Ukraine began in February 2022, Western countries have collectively frozen about $300 billion in Russian assets. The EU has decided to utilize the interest accrued on these frozen assets, including bonds and securities held by the Russian central bank, to support Ukraine.
In June, EU governments agreed to allocate 1.4 billion euros ($1.5 billion) from the profits generated by the frozen assets to purchase arms and provide other forms of aid to Ukraine. The Czech Defense Ministry will contribute to this initiative by using some of the funds to procure artillery ammunition for Ukraine, in cooperation with Western partners.
Czech Defense Minister Jana Cernochova expressed gratitude for the opportunity to supply Ukraine with several hundreds of thousands of large-caliber ammunition rounds, made possible by funds released by the EU from frozen Russian finances.