France is set to utilize funds derived from frozen Russian assets to ensure the maintenance of approximately 60 Caesar howitzers it has supplied to Ukraine, according to France’s foreign minister. This announcement was made during a gathering of European Union (EU) foreign ministers in Lviv, a city in western Ukraine, where a special tribunal was approved to prosecute high-ranking Russian officials for the 2022 invasion.
Since the onset of the conflict, the European Union and G7 nations have frozen around 300 billion euros (approximately $327 billion) in assets associated with the Russian Central Bank, alongside private assets such as yachts and real estate. French Foreign Minister Jean-Noel Barrot emphasized that mobilizing these frozen funds would facilitate the ongoing maintenance of the howitzers, integral for Ukraine’s defense against Russian assaults.
Kaja Kallas, the EU’s chief diplomat, announced that the bloc has committed an additional one billion euros to bolster Ukraine’s defense industry. Barrot stressed the urgent need for peace, highlighting that the only current impediment lies with Moscow and its leadership. He called for increased pressure on President Vladimir Putin to negotiate a ceasefire, particularly as tensions crescendo amidst military displays in Russia.
This announcement coincides with a significant military parade in Moscow’s Red Square, where Putin, alongside allies including China’s Xi Jinping, proclaimed Russia’s imminent victory in Europe. The geopolitical landscape continues to evolve, with US President Donald Trump suggesting potential reductions in American support for Ukraine, prompting European leaders to intensify efforts in strengthening Ukraine’s position ahead of future peace negotiations.
European nations have been strategically utilizing income from frozen Russian assets to arm Ukraine and support its post-war reconstruction, with estimates indicating this effort yields a financial benefit of approximately 2.5 to 3 billion euros annually.
