Ukraine received another billion euros from the European Union due to proceeds from frozen Russian assets.
This was reported by Prime Minister Denys Shmyhal.
Since the beginning of the year, Ukraine has received more than $18.5 billion from frozen Russian funds. According to Shmyhal, Kyiv is directing these funds towards stability and "rapid reconstruction".
These funds are a result of the Extraordinary Revenue Acceleration working. ERA 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.
The Conference on the Restoration of Ukraine kicked off in Rome on July 20, where the Ukrainian delegation will call on partners to jointly form legal instruments for the complete confiscation of all Russian assets, the Prime Minister emphasized.
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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