France plans to use part of 1,4 billion euros, which is the interest on Russian property seized in the EU, to finance the purchase of military equipment for Ukraine, the French Ministry of Defense said.

"Together with other member states, the Ministry will participate in the implementation of the new measure to support Ukraine from the EU Peace Fund," the announcement states.

It is a sum of 300 million euros, which will be awarded during 2024. According to the Ministry, these funds will allow increasing the pace of work of the French industry, which will work to support Ukraine.

The European Commission agreed with the General Directorate of Armaments to use this money for the rapid procurement of ammunition, artillery and air defense equipment for the armed forces of Ukraine from French industry.

About 200 billion euros of Russian assets were frozen in the EU after the Russian invasion of Ukraine in February 2022, almost 90 percent of which are located in Belgium.

In May of this year, the members of the European Union reached an agreement on the use of interest from Russian property. In July, the EU announced the allocation of 1,5 billion euros in aid to Ukraine, which corresponds to the first tranche of these revenues.

These funds are expected to generate 2,5 to 3 billion euros a year to help arm Ukraine and finance its reconstruction.