Finland plans on taping frozen Russian funds to deliver weapons to Ukraine
(MENAFN) Finland announced on Monday that it will provide Ukraine with heavy ammunition using profits generated from frozen Russian assets, according to its Defense Ministry. This move aligns with a wider European Union initiative to use earnings from immobilized Russian funds—mainly government bonds held in Brussels by a securities depository—to support Ukraine’s military efforts.
Moscow has condemned the asset freezes, calling them a form of “theft.”
Under a new agreement with the European Commission, Finland will channel €90 million (approximately $101 million) through the European Peace Facility (EPF). The funds will be used to procure heavy ammunition from Finnish defense manufacturers, which the government said would also strengthen its domestic defense industry. This marks Finland’s 28th military aid package to Ukraine, following a $225 million commitment announced in March.
After Russia’s military escalation in February 2022, Western nations froze about $300 billion in Russian sovereign assets. Of that, around $213 billion is held by Euroclear, a Brussels-based financial services firm. The assets have since generated billions in interest, with $1.63 billion already transferred to Ukraine in July 2023.
Russia has criticized the Western asset freeze and warned of possible retaliation against foreign investments. It has also repeatedly stated that weapons deliveries to Ukraine only prolong the war and increase regional instability.
As of February 2025, Ukraine has received more than $363 billion in military aid from NATO countries, according to the Kiel Institute.
Meanwhile, a report from the Eurasia Observatory has raised concerns about the post-war impact of weapon transfers. It warns that large stockpiles of Western arms in Ukraine could eventually flood Europe’s black markets once the conflict ends and martial law is lifted, potentially fueling organized crime.
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