Canada has allocated $1.7 billion to Ukraine — the funds are secured by proceeds from frozen Russian assets

Ukraine received 2.5 billion Canadian dollars as part of the G7 initiative called Extraordinary Revenue Acceleration for Ukraine (ERA).

This was reported by the Prime Minister of Ukraine Denys Shmyhal.

The funds are secured by revenues from frozen Russian assets. They want to direct them to the priority needs of the state budget, the head of the Ukrainian government added.

This is the first tranche from Canada, which has allocated a total of 5 billion Canadian dollars for the ERA. The initiative involves financing Ukraine with proceeds from frozen Russian assets located in the European Union and other jurisdictions.

• In total, the G7 countries within the ERA are to provide Kyiv with approximately $50 billion by the end of 2025. The money will go to support the stability of the Ukrainian economy, finance social and military spending, and restore critical infrastructure.

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