Ukraine receives USD 1.7B through G7 initiative – PM Shmyhal

Prime Minister Denys Shmyhal announced this on Telegram, as reported by Ukrinform.

"Ukraine has received 2.5 billion Canadian dollars (about USD 1.7 billion) as part of the G7 ERA initiative. These funds, secured through revenues from frozen Russian assets, will be directed to priority state budget needs," he said.

Shmyhal noted that this is the first tranche from Canada, which has allocated a total of five billion Canadian dollars for the Extraordinary Revenue Acceleration (ERA) initiative, under which Ukraine will receive financial resources from revenues generated by frozen Russian assets.

"I thank Canada and all G7 partners for creating a mechanism that holds Russia financially accountable for its aggression," he added.

As reported by Ukrinform, in June 2024, the G7 leaders approved the Extraordinary Revenue Acceleration (ERA) initiative, which provides Ukraine with about USD 50 billion in loans secured by revenues from frozen Russian assets.

In early March, the first GBP 752 million from the United Kingdom were handed to Ukraine as part of the G7 ERA initiative.