The Cabinet of Ministers has approved an agreement with Japan that allows the country to raise about $3 billion under the international ERA (Extraordinary Revenue Acceleration) initiative.
This was announced by Prime Minister Denys Shmyhal.
According to him, the funds will be provided by the proceeds of frozen Russian assets. They will be used for priority budget expenditures, reconstruction and development of Ukraine.
‘In total, Ukraine will receive $50 billion under this mechanism. We are grateful to our partners from the G7 and the EU for creating an instrument that makes Russia pay for the damage it has caused,’ said Shmyhal.
The Prime Minister also expressed hope that all immobilised assets of the aggressor country would be confiscated and used for reconstruction.
- ERA (Extraordinary Revenue Acceleration) is an initiative that envisages receiving $50 billion from the G7 countries with subsequent repayment from the proceeds of frozen Russian assets.