Canada Transfers $1.7 Billion to Ukraine from Frozen Russian Assets

Canada has transferred nearly $1.7 billion USD (2.3 billion CAD) to Ukraine, marking a significant milestone in the global initiative to use proceeds from frozen Russian assets to support Ukraine's recovery and resilience. 

The Gaze reports on this with reference to European Pravda.

The funds are part of the G7’s “Extraordinary Revenue Acceleration” (ERA) mechanism, which aims to direct interest generated by immobilized Russian sovereign assets toward assisting Ukraine.

Ukrainian Prime Minister Denys Shmyhal announced the transfer on June 30, emphasizing its critical role in Ukraine’s financial resilience and recovery. 

According to Shmyhal, Ukraine has received approximately $17.6 billion USD through similar mechanisms since the beginning of 2025.

“Together with our partners, we are forcing Russia to pay for its crimes and destruction. Since the beginning of the year, including the latest installment, we have received approximately 17.6 bn dollars from frozen russian assets. We are grateful to Canada,” Shmyhal stated.

The ERA framework, endorsed by G7 and EU leaders in mid-2024, aims to mobilize $50 billion USD in loans for Ukraine, which will be repaid using future profits earned from Russia’s immobilized central bank assets. 

A significant portion of these assets, over €190 billion, is held by Euroclear, a Belgian financial services company. 

In 2023 alone, Euroclear reported earnings of roughly €4.4 billion from Russian assets under its control.

As The Gaze reported earlier, at the G7 Summit, Canadian PM Mark Carney announced an expansive new package of sanctions against Russia alongside a pledge of nearly $1.5 billion in military assistance to Ukraine.