Denmark Signs Agreement with Kyiv to Finance $629 Million Weapons Production in Ukraine

Danish Defense Minister Troels Lund Poulsen together with Ukrainian Defense Minister Rustem Umerov and Minister for Strategic Industries Herman Smetanin signed a letter of intent in Kyiv today to proceed with cooperation on specific acquisitions by Ukrainian defense companies for a total of around DKK 4.2 billion ($629 million).

"It is important that we continue to support Ukraine's freedom struggle in all the ways we can. That is why I am very happy that Denmark has now agreed with Ukraine on the overall framework for how we can best use the DKK 4.2 billion. DKK, which the EU and Denmark contribute," said Defense Minister Troels Lund Poulsen.

The Danish government, backed by the Danish Parliament, has allocated DKK 1.3 billion ($191 million) for the acquisitions, while an additional DKK 2.9 billion ($430 million) will come from frozen Russian assets, which Denmark is obligated to liquidate on behalf of the European Union.

"Denmark is leading the way by carrying out donations of weapons directly from the Ukrainian defense industry. It strengthens the ability of the Ukrainians to produce exactly the weapons that are in demand," says Troels Lund Poulsen.

Earlier this year, Denmark completed a pilot project that financed the production of 18 Ukrainian-made artillery pieces.

The Defense Minister's trip to Kyiv takes place in the run-up to the defense industry event in Kyiv "Defence Industries Forum", which runs from 1 to 5 October, where a large group of Danish defense industry companies will participate.