Finland will provide Ukraine ammunition for the means of frozen assets of Russia

Finland will provide Ukraine ammunition, whose purchase in Finnish factories will be financed from funds from the frozen assets of Russia – the Ministry of Defense in Helsinki said on Monday.

The contract with a value of EUR 90 million will be completed through the European Instrument for Peace (EPF).

Thanks to this – as the head of the Ministry of Defense Antti Hakkanen said – the Finnish arms industry will become an even more important part of support for Ukraine, which has been repeating the Russian invasion for over three years. It is also excellent proof of the potential of the Finnish defense industry and the fact that investments begin to translate into production – emphasized the minister.

In Finland, the production of ammunition is concentrated at the Lapua factory, which has been operating for a hundred years and is currently part of the Norwegian-Swedish-Finnish Armaments Company, and in the central plants of the explosives of the armed forces located in the central-western part of the country.

At the beginning of this year, the Finnish Ministry of Defense also announced the construction of a new Trotyl Factory, used to produce artillery and mortar shells. The new plant will be built on the west coast of Finland on the Botnica Bay, and about EUR 250 million will be allocated for the investment.

At the beginning of May, the EU announced that she would transfer about EUR 2 billion from frozen Russian assets for weapons for Ukraine. The total value of frozen Russian assets is over EUR 260 billion, most of which are on accounts in European countries. The EU decided to use income from interest on these deposits to support Ukraine. (PAP)

PMO/ AP/