EU provides Ukraine with first €3 billion secured by frozen Russian assets
Photo: Prime Minister of Ukraine Denys Shmyhal (Vitalii Nosach, RBC-Ukraine)
Ukraine's state budget has received 3 billion euros from the European Union as part of the G7 initiative ERA. In total, the EU will provide 18 billion euros, according to Prime Minister Denys Shmyhal.
"This is the first tranche of funds from the European Union, secured through income from frozen Russian assets," he wrote.
Ukraine will direct these resources to priority budget expenditures.
The G7 ERA initiative provides $50 billion to Ukraine, with $20 billion coming from the European Union.
"In this way, we are implementing the principle 'Russia will pay,' and strengthening Ukraine's financial resilience in 2025," he added.
Ukraine has already begun receiving funds under the Extraordinary Revenue Acceleration for Ukraine (ERA) program. This mechanism involves receiving $50 billion from G7 countries, which will later be repaid through income generated from the frozen Russian assets.
A total of $20 billion will come from the United States, $20 billion from the EU, $3 billion from the UK, $3.7 billion from Canada, and $3 billion from Japan.
A distinctive feature of the program is the ability to allocate part of these funds (from the EU and the UK) directly for defense needs.
