Ukraine has received CAD 2.5 billion (about USD 1.7 billion) under the G7 ERA [Revenue Acceleration Loans for Ukraine] initiative, Prime Minister Denys Shmyhal reports.
The funds, secured by the proceeds of frozen Russian assets, will be used to meet the priority needs of the state budget.
This is the first tranche from Canada, which has allocated a total of CAD 5 billion for Extraordinary Revenue Acceleration, which provides Ukraine with financial resources from the proceeds of frozen Russian assets.
‘I am grateful to Canada and all G7 partners for creating a mechanism that makes Russia financially responsible for its aggression,’ Shmyhal said.
- Last week, Ukraine received £752 million from the UK, the first tranche of money secured by the proceeds of frozen Russian assets.
- Recently, MEPs called on the King of Belgium to confiscate €250bn of frozen royalties. The MEPs signed an open letter.
- In February, Reuters reported that Russia would not mind if its frozen assets were used to rebuild Ukraine, in particular the occupied territories.