EU Transfers €1 Billion of Proceeds from Frozen Russian Assets to Ukraine
Ukraine received another €1 billion from the European Union under the ERA initiative. This tranche will be repaid from the proceeds of Russian state assets frozen in the EU. This was reported by the European Commission on its website.
The total amount of macro-financial assistance is €18.1 billion. This is the EU's contribution to the ERA lending initiative led by the Group of Seven, which provides a total of about €45 billion in financial support to Ukraine.
This disbursement will bring the total amount of loans provided by the European Commission to Ukraine under this programme since the beginning of the year to €4 billion.
‘Today's disbursement of €1 billion confirms our unwavering commitment to Ukraine. We are helping its economy to continue operating and rebuilding critical infrastructure damaged by Russian aggression. We will continue to support Ukraine for as long as it takes,’ said Ursula von der Leyen, President of the European Commission.
Negotiations on the schedule of the next disbursements for Ukraine are currently underway. The European Commission is ready to provide the rest of the macro-financial assistance according to the country's needs, as recommended by European leaders during a special summit earlier this month.
In 2024, the G7 agreed to jointly provide Ukraine with a $50bn loan using proceeds from frozen Russian assets. Formally, the funds are allocated as a loan, but it will be repaid from these revenues.
At the end of December 2024, Ukraine received the first tranche of the planned $20 billion US contribution from the United States, and in January 2025, the first €3 billion from the EU.
On 7 March, Ukraine received the first payment from the UK under the G7 loan using proceeds from frozen Russian assets - £752 million (about $971.9 million).
On 13 March, Canada transferred CAD 2.5 billion (about USD 1.7 billion) to Ukraine under the same loan programme.