Canada Provides Ukraine with $1.7 Billion of Proceeds from Frozen Russian Assets
Ukraine has received 2.5 billion Canadian dollars (about 1.7 billion US dollars) as part of the G7 Extraordinary Revenue Acceleration (ERA) initiative, which provides Kyiv with financial resources from the proceeds of frozen Russian assets. This was reported by the Ministry of Finance of Ukraine.
As explained in the Ministry, this is the first tranche, and Canada's contribution to the ERA initiative is worth CAD 5 billion. The loan is granted for 30 years.
The Ministry of Finance also explained that the ERA mechanism has a total volume of up to $50 billion and provides for the allocation of loans to Ukraine that will be repaid and serviced from future profits received from immobilised Russian assets.
The Ukrainian authorities will use the $1.7 billion to meet the priority needs of the state budget.
In 2024, the G7 agreed to jointly provide Ukraine with a $50 billion loan from Russian assets: the funds will be provided formally as a loan, but will be repaid from the proceeds of frozen Russian assets.
As The Gaze reported, in 2025, Ukraine will receive €35 billion in financial assistance from the European Union under the G7 ERA initiative and the Ukraine Facility programme.
At the end of December 2024, Ukraine received the first tranche of the planned $20 billion contribution from the United States, and in January 2025, the first €3 billion from the EU.
On 7 March, Ukraine receives the first disbursement of funds from the UK under the G7 loan using proceeds from Russia's frozen assets - £752 million (about $971.9 million).