Czech Republic Boosts Ukraine Aid with Interest from Frozen Russian Assets

The Czech Republic will use interest earned from frozen Russian assets to purchase hundreds of thousands of artillery shells for Ukraine. This initiative is part of an EU effort to support Ukraine against the Russian invasion. The plan has met with criticism from Moscow, which labels it as 'theft.'

The Czech Republic will channel some of the interest accrued on frozen Russian assets within the European Union to acquire hundreds of thousands more artillery shells for Ukraine, according to an announcement by the Czech Defence Ministry on Tuesday.

Western nations have frozen approximately $300 billion in Russian assets following Russia's full-scale invasion of Ukraine in February 2022. EU countries are using the accrued interest from these assets to form a fund aimed at aiding Ukraine in its conflict with Russia. Governments within the EU agreed in June to allocate 1.4 billion euros in profits from these frozen assets to purchase arms and other forms of support for Ukraine.

The Czech Defence Ministry stated that part of these funds would bolster its ongoing efforts, financed by Western allies, to source artillery ammunition for Ukraine globally. Defence Minister Jana Cernochova highlighted that the proceeds from the frozen Russian assets would facilitate the supply of several hundred thousand rounds of large-caliber ammunition to Ukraine. The ministry did not specify delivery details but noted that shipments would commence in the coming months, aiming for a swift impact on the battlefield. No immediate response came from Moscow, although the Kremlin has previously condemned the scheme as 'theft' and vowed legal action.

(With inputs from agencies.)