The Ukrainian government has approved an agreement with Japan that will allow it to receive approximately $3 billion under the Extraordinary Revenue Acceleration (ERA) initiative.
Prime Minister Denys Shmyhal wrote about this.
These funds will be provided by revenues from frozen Russian assets and directed to priority budget expenditures, reconstruction and development of Ukraine. In total, Ukraine will attract $50 billion within the framework of this mechanism.
Earlier that day, Reuters reported that depository Euroclear plans to seize and redistribute approximately €3 billion of Russian funds frozen in the company.
Frozen Russian assets
The value of frozen Russian sovereign assets in the EU is almost €211 billion. In total, the European Union, the G7 countries and Australia have frozen approximately €260 billion in securities and cash.
On October 23, the EU Council finally approved a loan of up to €35 billion to Ukraine. The money is the blocʼs contribution to the G7 initiative to provide Ukraine with a $50 billion (€45 billion) loan, which will be repaid with the proceeds from frozen Russian assets.
And on October 26, the G7 countries agreed on a $50 billion loan for Ukraine using proceeds from Russiaʼs frozen assets. The US contribution is $20 billion.
The money will be transferred “through various channels” — both to replenish the Ukrainian budget, and for military assistance and the restoration of Ukraine’s infrastructure. Reuters notes that Ukraine will receive all the funds under the loan by the end of 2027.
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