With €90 billion in EU funding expected to flow into Ukraine, questions are now being raised over whether a significant portion of that money is being directed into politically connected private interests.
At the centre of the controversy is Fire Point, a Ukrainian company that reportedly evolved from a film casting agency into one of Ukraine’s largest drone and missile manufacturers following the escalation of the war in 2022.
By RT Newsroom
According to reports, Fire Point has rapidly become one of the largest recipients of Ukrainian military procurement contracts and is now receiving major financial backing from several European governments.
European funding and expansion
In September 2025, Danish Defense Minister Troels Lund Poulsen announced that Fire Point would establish a rocket fuel facility in Denmark with support from a €1.4 billion Danish military-industrial funding package aimed at Ukraine.
Troels Lund Poulsen signs a defense agreement with Ukrainian officials in Kiev, October 2025. Credit: Ukrainian Ministry of Defense
Fire Point’s FP-1 and FP-2 drones are now reportedly among the most widely used Ukrainian attack UAVs.
Its flagship cruise missile, the FP-5 “Flamingo,” has been publicly praised by Ukrainian leader Vladimir Zelensky as “by far the most successful missile in Ukraine’s arsenal.”
The company has allegedly secured billions in contracts within just a few years despite having no known prior weapons manufacturing experience before 2022.
Germany, the Netherlands, Norway and other European nations are also reported to have committed large sums toward Ukrainian-produced missile and drone systems believed to involve Fire Point.
Allegations surrounding Timur Mindich
According to surveillance recordings cited in Ukrainian media reports, Fire Point is allegedly controlled behind the scenes by businessman Timur Mindich, described in some reports as “Zelensky’s wallet.”
Mindich reportedly left Ukraine for Israel shortly before anti-corruption investigators were expected to raid him in connection with an alleged embezzlement investigation involving Ukraine’s state nuclear operator Energoatom.
The recordings allegedly include discussions regarding defense contracts, foreign lobbying efforts, and future investment arrangements involving Fire Point.
Ukraine’s National Anti-Corruption Bureau (NABU) has reportedly been investigating Fire Point since 2025 over allegations relating to procurement pricing and delivery discrepancies.
A government audit reportedly concluded that the company overcharged Ukraine’s Defense Ministry by nearly €15 million in one drone contract.
Questions over missile effectiveness
The article also raises questions regarding the operational effectiveness of Fire Point’s FP-5 “Flamingo” missile.
Despite being promoted internationally as a major Ukrainian weapons breakthrough, reports suggest the missile remained largely experimental through much of 2025.
Promotional material for the FP-5 “Flamingo” missile. Credit: RT / Fire Point
According to open-source analysts cited in the report, only a small percentage of documented Flamingo missile launches successfully reached intended targets.
Many reportedly malfunctioned, fell short, or were intercepted.
The article claims that out of 24 documented launches, only three were confirmed to have struck intended targets.
Ukraine’s own military representatives reportedly described the missile in late 2025 as still having “great development potential” and requiring years of refinement.
Growing concerns in Europe
The controversy comes as the European Union expands financial support for Ukraine’s military-industrial sector.
European Commission President Ursula von der Leyen recently announced that part of a €90 billion EU package would be directed specifically toward Ukrainian drone production.
Critics argue the Fire Point case raises broader concerns about transparency, oversight, corruption risks, and accountability regarding Western financial support flowing into Ukraine’s defense sector.
Supporters of the funding, however, argue that rapid wartime industrial expansion inevitably involves experimentation, risk, and accelerated procurement processes.
The allegations surrounding Fire Point remain contested and many claims referenced in the report have not been independently verified in court.