Denmark to invest over US$628 million in Ukraine's defence industry

Denmark and Ukraine have reached an agreement on investment of 4.2 billion Danish kroner (approx. US$628 million) in the Ukrainian defence industry.

Source: Danish Ministry of Defence, as reported by European Pravda 

Details: According to the ministry’s press service, Ukrainian weapons and equipment will be delivered to the front lines thanks to Danish funding. It accomplishes this by drawing on income from frozen Russian assets.

Defence Minister Troels Lund Poulsen, his Ukrainian counterpart Rustem Umierov, and Minister of Strategic Industry Herman Smetanin signed an agreement to maintain contract cooperation with Ukrainian defence businesses.

The acquisition will be financed in the amount of 1.3 billion Danish kroner (approx. US$194.6 million), which the government, with the support of the Danish parliament, allocated for these purposes, and 2.9 billion Danish kroner (approx. US$434 million) from frozen Russian assets, which Denmark must cash out on behalf of the EU.

"Denmark is leading the way by donating arms directly from the Ukrainian defence industry. This strengthens the ability of Ukrainians to produce exactly the weapons that are in demand," said Troels Lund Poulsen.

Recently it was reported that the Danish government will provide 130 million kroner (over €16 million) for the restoration of Ukraine’s energy system, which is constantly attacked by the Russians.

On 20 September, Ukraine’s Defence Minister Umierov announced that the country had received the first €40.7 million from a Danish aid package aimed at supporting Ukrainian weapons production.

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