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Canada Transfers $1.7 Billion to Ukraine From Frozen Russian Asset Profits
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![Photo of Ivan Khomenko]( "Photo of Ivan Khomenko")
Canada has transferred approximately $1.7 billion to Ukraine from the proceeds generated by frozen Russian sovereign assets, according to Ukrainian Prime Minister Denys Shmyhal. The funding is part of the G7-led Extraordinary Revenue Acceleration (ERA) initiative.
Shmyhal announced the transfer in a post on X, noting that the funds—equivalent to 2.3 billion Canadian dollars—are sourced from income accrued on immobilized Russian state assets held in Western jurisdictions.
Including this tranche, Ukraine has received a total of about $17.6 billion under the ERA initiative since the beginning of 2025.
According to Ukraine’s Ministry of Finance, around $280 billion in Russian sovereign assets remain frozen in G7 jurisdictions. These assets are intended to remain immobilized until Russia compensates for the damages caused by its full-scale invasion of Ukraine.
The ERA initiative was endorsed by G7 nations to provide up to $50 billion in financial support to Ukraine. These loans are to be serviced and repaid using future revenues derived from the frozen Russian assets, primarily held in the EU and allied states.
Shmyhal reiterated Ukraine’s call for the full confiscation of Russian sovereign funds, stating that these resources are critical for compensating victims of the war and financing the country’s reconstruction.
Earlier, on June 27, Canadian Defense Minister Bill Blair stated that Canada is considering co-producing military equipment with Ukraine, potentially following a “Danish model” where Canadian-funded gear would be manufactured locally. The initiative, he noted, could benefit both Ukrainian defense efforts and Canadian industry.
