Ukraine secures third EU tranche from frozen Russian assets for reconstruction efforts
Ukraine has been granted €1 billion under the G7 initiative, sourced from revenues of frozen Russian assets.
The European Union transferred €1 billion to Ukraine as part of the Extraordinary Revenue Acceleration (ERA) initiative, announced Prime Minister Denys Shmyhal on Telegram.
"The EU has transferred €1 billion to Ukraine under the ERA initiative. This was announced during our meeting with EU Commissioner for Economics and Financial Affairs, Valdis Dombrovskis, in Brussels. This marks the third tranche within the G7 initiative, backed by revenues from frozen Russian assets," he wrote.
Shmyhal highlighted that the funds will be allocated to priority state budget expenses. Under the ERA program, European allies have provided Ukraine with a total of €5 billion.
During the meeting, the Prime Minister emphasized Ukraine's priority for the complete confiscation of frozen Russian sovereign assets to be used as resources for Ukraine's reconstruction.
"We also discussed with Mr. Dombrovskis the macroeconomic situation, reform progress, and Ukraine's recovery process. We thank partners for their support in strengthening our economy and the swift restoration of our state," he added.
The G7's Extraordinary Revenue Acceleration for Ukraine (ERA) initiative envisions Ukraine receiving $50 billion, with $20 billion to be contributed by the European Union. The first payment of €3 billion was made in January, and the second—€1 billion—in March.