Ukraine has received €1 billion from the European Union under the ERA (Extraordinary Revenue Acceleration) initiative, Prime Minister Denys Shmyhal reports.
"This is the second tranche from the EU, secured by the proceeds of frozen Russian assets. The funds will be used for priority state budget expenditures. In total, at the initiative of the G7, European partners have already provided Ukraine with €4 billion," Shmyhal wrote.
He noted that the frozen Russian assets should work for the benefit of Ukraine.
"We will work to confiscate them in full and use them to rebuild Ukraine," the Prime Minister stressed.
ERA (Extraordinary Revenue Acceleration) is an initiative that provides for the receipt of $50 billion from the G7 countries with subsequent repayment from the proceeds of frozen Russian assets.
"I am grateful to the EU countries for their support of the ERA mechanism and, in particular, for the next tranche of EUR 1 billion. This year, we expect to raise the entire amount of funds from the EU, which will allow us to meet Ukraine's budgetary needs in 2025-2026. Our next priority is the complete confiscation of frozen Russian sovereign assets. These funds should become a tool for Ukraine's recovery," said Finance Minister Serhiy Marchenko.
The frozen assets of Russia's central bank in the EU amount to €210 billion and constitute the majority of such frozen assets worldwide, according to official EU data.
Since February 2022, the European Union has been the largest provider of direct budgetary assistance to Ukraine, with €46 billion for priority state budget expenditures.