Latest news with #MinistryofStrategicIndustriesofUkraine
Yahoo
27-05-2025
- Business
- Yahoo
UK to allocate US$3bn in profits from frozen Russian assets to strengthen Ukraine's defence
The UK Ministry of Defence, the Ukrainian Ministry of Defence and the Ministry of Strategic Industries of Ukraine have signed a project agreement on the use of windfall profits from frozen Russian assets under the Extraordinary Revenue Acceleration (ERA) initiative to arm and repair equipment for Ukraine. Source: European Pravda, as reported by the press service for the Ministry of Defence of Ukraine Details: "This funding has not only practical but also fundamental value. Surplus profits from Russian assets are being used to strengthen Ukraine's defence in response to aggression and in recognition of Ukraine's right to self-defence," said First Deputy Defence Minister Serhii Boiev. According to the agreement, Ukraine will receive US$3 billion between 2025 and 2026. The funds will be used to purchase foreign-made defence products, repair and maintain military equipment, implement joint projects involving Ukrainian and international defence companies, and purchase other critical materials, including Ukrainian-made products. "Ukrainian companies have a capacity of US$35 billion, but a lack of funds prevents them from being fully utilised. Therefore, attracting windfall profits from frozen Russian assets will significantly strengthen the production and repair capacities of the Ukrainian defence industry," said Davyd Aloian, Deputy Minister for Strategic Industries of Ukraine. Background: In 2024, the G7 agreed to jointly provide Ukraine with a loan of US$50 billion from Russian assets: the funds will be formally provided as a loan but will be repaid from the proceeds of frozen Russian assets. In May, the European Commission disbursed the fourth tranche of macro-financial assistance to Ukraine in the amount of €1 billion under the G7 ERA initiative, which provides financial resources to Kyiv from the proceeds of frozen Russian assets. Support Ukrainska Pravda on Patreon!
Yahoo
05-05-2025
- Business
- Yahoo
Spanish company considers producing defence equipment in Ukraine
The Ministry of Strategic Industries of Ukraine and representatives of the Spanish company Escribano Mechanical and Engineering (EM&M) have recently discussed locating some of its equipment production in Ukraine. Source: press service for the Ministry of Strategic Industries Quote from Ukrainian Strategic Industries Minister Herman Smetanin: "I was pleased to hear about the interest of EM&M representatives in doing business in Ukraine and their understanding of the prospects for cooperation with Ukrainian defence companies. Such cooperation will significantly improve Ukrainian military equipment, which will greatly strengthen our combat units." Details: The ministry said that EM&M's Guardian 30 remote-controlled turret modules are already being supplied to Ukraine. During the meeting, the parties discussed the possibilities and conditions for locating the maintenance and production of those modules at Ukrainian companies. Background: European Commissioner for Defence Andrius Kubilius is convinced that Spain will be forced to increase its defence spending to 3% of GDP. Support Ukrainska Pravda on Patreon!
Yahoo
25-02-2025
- Business
- Yahoo
New brand of Ukrainian defence industry launched in Ukraine
The Ministry of Strategic Industries of Ukraine will now use Zbroya (Weapon) as the brand for the Ukrainian defence industry, along with the strapline "Smart force". Source: press release available to Ekonomichna Pravda Details: It is noted that the purpose of the brand is to give a common name to all weapons and the Ukrainian defence industry, which "has been revived and developed over the three years of the [Russian] full-scale invasion [of Ukraine] and is already well-known in the world." The Ministry of Strategic Industries wants to convey to the world that Ukrainian weapons are "a smart force, tempered by the real battlefield and that this is a sign of quality". The report says that this project will "give manufacturers an understanding of their involvement in the Ukrainian arms ecosystem." For reference: A portal that will bring together services for manufacturers and brand information can be found at Support Ukrainska Pravda on Patreon!
Yahoo
14-02-2025
- Business
- Yahoo
German company plans to double its drone production in Ukraine
Germany's leading drone manufacturer, Quantum Systems, plans to double its production capacity in Ukraine in 2025. Source: Ministry of Strategic Industries of Ukraine Details: The ministry noted that its delegation began its work at the Munich Security Conference with a meeting with representatives of Quantum Systems. Herman Smetanin, Minister of Strategic Industries of Ukraine, said that Quantum Systems was demonstrating a good example of production localisation – the company has already opened an R&D (research and development) centre and a drone service and development facility in Ukraine. During the meeting, the parties discussed ways to accelerate drone production. Background: Belgian company Thales Belgium signed a memorandum with a Ukrainian defence company, which includes, among other things, a joint production of missiles for countering drones. Support UP or become our patron!
