Ukraine gets billions from frozen Russian assets
Photo: Denys Shmyhal (RBC-Ukraine, Vitalii Nosach)
Ukraine has received about $1.7 billion from Canada under the ERA initiative. These are funds secured by proceeds from frozen Russian assets, according to Prime Minister Denys Shmyhal.
"Together with our partners, we are forcing Russia to pay for its crimes and destruction. Since the beginning of the year, including the latest installment, we have received approximately 17.6 bn dollars from frozen russian assets," he wrote on X.
The Prime Minister also thanked Canada and everyone involved in this program. He insists on the full confiscation of Russia’s frozen assets.
"They are needed to compensate the victims of aggression and to rebuild our state. This will also be an act of justice to prevent aggressive wars in the future," Shmyhal emphasized.
Frozen Russian assets
Following the start of Russia’s full-scale invasion of Ukraine, Western countries froze around $300 billion belonging to the Central Bank of the Russian Federation. The majority of these assets are held in Europe, primarily within the Euroclear system based in Belgium. Sanctions also targeted the property of Russian state-owned companies and individuals under restrictions.
Over time, international partners began directing profits from these frozen assets to support Ukraine. For example, it was recently reported that Ukraine will receive 350 advanced missiles from the UK, which London will purchase using proceeds generated from the frozen assets.
