Denmark invests $629 million in the Ukrainian defense industry, of which $434 million is from frozen Russian assets

Denmark invests $629 million in the Ukrainian defense industry, archive photo: NikVesti

Denmark will allocate about 629 million dollars for the purchase of weapons through the Ukrainian defense industry, of which 434 million dollars will come from frozen Russian assets.

This was announced by the Danish Ministry of Defense.

It is noted that the Minister of Defense of Denmark Troels Lund Poulsen, together with the Minister of Defense of Ukraine Rustem Umyerov and the Minister of Strategic Industry Herman Smetanin, signed a protocol on the continuation of arms procurement through the Ukrainian defense industry for a total amount of approximately 4.2 billion Danish kroner ($629 million).

«It is important that we continue to support Ukraine's struggle for freedom in all possible ways. Therefore, I am very glad that Denmark agreed with Ukraine on the general framework for the most effective use of the 4.2 billion Danish kroner provided by the EU and Denmark,» said Troels Lund Poulsen.

The purchases will reportedly be financed with 1.3 billion Danish kroner ($194.6 million) that the country's government has set aside for the purpose, as well as 2.9 billion Danish kroner ($434.2 million) in frozen Russian assets that Denmark must transfer to cash on behalf of the EU.

By the end of 2024, it is planned to bring Ukrainian weapons and equipment to the front, which will be financed by Denmark.