Frozen Russian assets to fund large-calibre ammunition for Ukraine

Czechia will use some of the interest earned on Russian assets frozen in the EU to buy more large-calibre ammunition for Ukraine, the Czech Defence Ministry has said.

Western countries blocked about $300 billion worth of sovereign Russian assets after Russia launched its full-scale military campaign in Ukraine in February 2022.

EU countries are taking the interest earned on the assets -which include bonds and other securities bought by the Russian central bank - and putting it into an EU fund to aid Ukraine as it fights Russia.

EU governments agreed in June to use 1.4 billion euros ($1.6 billion) in profits generated by the assets to buy arms and pay for other kinds of support to Ukraine.

The Czech Defence Ministry said some of that money would be used for an effort it has been leading to buy artillery ammunition for Ukraine around the world, funded by Western partners.

In June, Ukraine received its first consignment under the initiative and deliveries continue every month, Czech officials have said.

"This is a unique opportunity quickly and effectively support Ukraine," a ministry statement said on Tuesday.

The Kremlin called the plan to use interest earned on frozen Russian assets to fund military aid to Ukraine "theft" and said it would take legal action against anyone involved in the decision.