Japan to Provide Ukraine With Another $3 Billion From Russia's Frozen Assets

President Volodymyr Zelenskyy had a telephone conversation with Japanese Prime Minister Shigeru Ishiba, during which he thanked him for the decision to transfer another $3 billion to Ukraine, secured by frozen Russian assets. The President's Office reports on its website.

‘I spoke with Prime Minister of Japan Shigeru Ishiba. I congratulated him on his election as head of government and thanked the Japanese people for all the large-scale humanitarian and financial assistance totalling $12 billion, which allows us to save thousands of lives,’ Zelenskyy said.

He told Prime Minister Ishiba about Russia's massive shelling of Ukraine's energy infrastructure on Christmas night and thanked Japan for its readiness to work to achieve a just and lasting peace as soon as possible.

‘I am grateful for the decision of the Japanese government to transfer another $3 billion to Ukraine, secured by frozen Russian assets, and for additional assistance for energy equipment and the construction of shelters. We agreed to meet to continue the dialogue,’ the President summed up the conversation.

The day before, Ukraine received a $1 billion tranche from Japan and the United Kingdom under the World Bank programme.

‘The funds raised will be used to increase the potential of economic development and finance the priority social and humanitarian expenditures of the State Budget of Ukraine. We are grateful to the World Bank, Japan and the United Kingdom for their substantial support of the state budget in this difficult period,’ said Finance Minister Serhii Marchenko, according to the ministry's website.

The purpose of the tranche is to support the implementation of reforms in Ukraine.

In October this year, the Group of Seven countries reached a consensus on the procedure for providing Ukraine with a $50bn loan from frozen Russian assets. It was decided that these loans would be paid and repaid through interest on the frozen Russian funds in accordance with the national laws of the G7 countries and international law.

As The Gaze previously reported, the United States has provided Ukraine with a $20 billion loan secured by the proceeds of Russian assets frozen in the West.