The European Union has allocated a new macro-financial assistance loan worth €1 billion to Ukraine as part of the G7 initiative called Extraordinary Revenue Acceleration for Ukraine (ERA).
This was reported by Ukrainian Prime Minister Denys Shmyhal.
This is the second tranche from the EU of frozen Russian assets. This money will be directed to priority state budget expenditures in Ukraine. Shmyhal did not name specific areas.
The European Commission clarified that negotiations with Ukraine regarding further payments are also ongoing.
European Commission President Ursula von der Leyen said that with this payment, the EU is, in particular, helping Ukraineʼs economy stay on course and restore critical infrastructure damaged by Russian attacks.
"Frozen Russian assets should work for the benefit of our state. And we will work to completely confiscate them and direct them to the reconstruction of Ukraine," the Prime Minister of Ukraine emphasized.
- Extraordinary Revenue Acceleration for Ukraine provides for financing Ukraine with proceeds from frozen Russian assets located in the European Union and other jurisdictions.
- In total, under the G7 initiative, European partners have already provided Ukraine with €4 billion. The day before, on March 13, Canada allocated about $1.7 billion to Ukraine under the ERA initiative. This is the first tranche from Canada, which has allocated a total of 5 billion Canadian dollars for the ERA.
- 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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