Latest news with #LundPoulsen
Yahoo
09-05-2025
- Business
- Yahoo
Denmark to spend €830 million on Ukrainian defense on behalf of EU
AMSTERDAM — Denmark will allocate €830 million ($935 million) to the Ukrainian defense industry in 2025 on behalf of the European Union, using windfall profits from frozen Russian assets to buy Ukraine-made weapons. The Danish Ministry of Defence and the European Commission, the EU's executive arm, signed an agreement giving Denmark the role as implementing actor for the disbursement of a large portion of the windfall profits this year, the ministry said in a statement on Friday. The Danes have been frontrunners in investing Western military aid in Ukraine's defense manufacturing, using funds to buy locally produced weapons rather than foreign equipment through what is known as the Danish model. 'Denmark has taken the lead in the international efforts to strengthen defense production in Ukraine,' Minister of Defence Troels Lund Poulsen said. 'It is a recognition of Denmark's efforts on this matter that the EU has decided to channel even more funds through us this year.' The windfall profits this year will be used for donations of supplies including ammunition, air defense and military equipment produced in the Ukrainian defense industry, the Ministry of Defence said. Last year's equipment purchases using the Danish model included Bohdana howitzers, long-range drones, anti-tank and anti-ship missile systems. Buying Ukrainian strengthens the embattled country's production capacity, ensures competitive prices, and enables faster adaptation to the Ukrainian needs, the ministry said. 'This provides obvious logistical advantages while also contributing to building Ukraine's defense industry for the future,' Lund Poulsen said. 'We are now able to do this on an even larger scale.' Denmark last year allocated around €400 million of windfall profits from Russian assets on behalf of the EU, using the Danish model. Total funding channeled via the model amounted to around 4.4 billion Danish kroner ($664 million) in 2024, with contributions from the Danish Ukraine fund, allies, and the EU, according to the ministry. Denmark expects to implement more than double that amount through the model in 2025, the MoD said. Denmark will allocate aid to Ukraine on behalf of several countries, including Norway, Sweden, Iceland and Canada.
Yahoo
28-03-2025
- Business
- Yahoo
Denmark commits €40 million to boost Ukraine's wartime innovations
The Danish government has allocated DKK 300 million (nearly €40 million) to an innovation fund aimed at supporting Ukraine's urgent need for rapid technological advancements on the battlefield. Source: Denmark's Ministry of Defence in a statement, as reported by European Pravda Details: Earlier, Danish Defence Minister Troels Lund Poulsen had held consultations with the Foreign Affairs Committee, which backed the allocation of DKK 300 million to the Ukraine innovation fund. The innovation fund will prioritise technology areas such as electronic warfare and drones, where rapid advancements and new solutions have a significant impact on the battlefield. "There is no doubt that Ukraine has a great need to withstand the enormous pressure it is experiencing on the front line from Russian troops. Developing new technological solutions on the battlefield is one of the ways through which Ukrainians can counterbalance Russian superiority, and the funds from the Innovation Pool will help to do so. It's essential that we continue supporting Ukraine so they can continue their fight for freedom," said Lund Poulsen. Given Russia's significant advantage in materiel and personnel since the war began, Ukraine has had to develop new technologies while also relying on foreign expertise, funding and cooperation. Copenhagen has been a key military donor to Ukraine, with its support model contributing to the strengthening of Ukraine's defence production capacity. "It's been extremely inspiring to see how Ukraine has managed to establish an impressive arms production in a very short time. I've visited arms manufacturers in Ukraine myself and I think we can learn a lot from the efficiency that the Ukrainians have achieved over the three years of war," he stressed. "Now, we are taking our cooperation with the Innovation Pool a step further, and I look forward to exploring how we can strengthen Ukraine's fight for freedom in a new way, with this process unfolding in Denmark to a greater extent and in collaboration with the Armed Forces," Poulsen added. Background: In February, Denmark, which committed to assisting in the recovery of Ukraine's Mykolaiv Oblast, allocated a fresh €26 million package of support for the region. Recently, the coalition of drones for Ukraine, which also includes Denmark, allocated €20 million from a joint fund to purchase tactical-level intelligence surveillance drones (ISR) for the Ukrainian defence forces. Support Ukrainska Pravda on Patreon!
