Ukraine received $1.7 billion from Canada as part of the ERA initiative — money secured by proceeds from frozen Russian assets.
This was reported by Prime Minister Denys Shmyhal.
Since the beginning of 2025 and including the last tranche, about $17.6 billion has been transferred to Ukraine at the expense of frozen Russian assets.
"I am grateful to Canada and everyone involved in this program. We insist on the full confiscation of the frozen funds of the Russian Federation. They are needed to pay compensation to those affected by the aggression and to rebuild our state. This will also be an act of justice to prevent aggressive wars in the future," Shmyhal summed up.
The ERA (Extraordinary Revenue Acceleration) initiative is a joint program of the G7 countries aimed at supporting Ukraine. Its essence is to use the proceeds from frozen Russian assets to repay loans that the G7 countries provide to Ukraine. The total amount of the program is $50 billion, part of which will be used to meet defense needs.
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.
In October 2024, the EU Council finally approved a loan of up to €35 billion to Ukraine. This 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.
A few days after the EU Council decision, the G7 countries agreed to a $50 billion loan for Ukraine using proceeds from Russiaʼs frozen assets. The US contribution was $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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