Ukraine received $1.7 billion as part of the G7’s Extraordinary Revenue Acceleration (ERA) initiative, Prime Minister Denys Shmyhal announced on March 13.
Shmyhal stated that the funds, derived from revenues generated by frozen Russian assets, will be allocated to priority state budget needs.
This is the first tranche from Canada, which has committed a total of five billion Canadian dollars to the ERA program.
“I thank Canada and all G7 partners for creating a mechanism that holds Russia financially accountable for its aggression,” he said.
The ERA initiative, approved by G7 leaders in June 2024, aims to provide Ukraine with approximately $50 billion in loans backed by profits from seized Russian assets.
In early March, Ukraine received £752 million from the United Kingdom under the same program.
Earlier, Russian presidential aide Yuri Ushakov said the Kremlin is not seeking a temporary ceasefire in Ukraine but rather a long-term resolution.
-21d0b63c17f6020e4df75f6c6f9a2f4f.jpg "Ivan Khomenko")
