Ukraine receives first USD 1 billion from US, secured by proceeds from frozen russian assets – Shmyhal

Ukraine has received the first USD 1 billion from the U.S., secured by proceeds from frozen russian assets.

Prime Minister Denys Shmyhal announced this on his Telegram channel, the Ukrainian News agency reports.

"This is the first tranche of the planned USD 20 billion that the United States is ready to allocate through the use of frozen Russian assets within the framework of the G7 initiative," he said.

Shmyhal thanked American partners and the World Bank for this important step on the path to justice.

He stressed that Ukraine expects that all sovereign russian assets will be confiscated and directed to the restoration of Ukraine.

In addition, Shmyhal reported that Ukraine received USD 1 billion from Japan and the United Kingdom, the tranche was provided under guarantees from the governments of these states within the framework of the World Bank's DPL program, and the funds raised will be used to strengthen the economy and finance priority expenditures in the social and humanitarian spheres.

As the Ukrainian News agency earlier reported, in October, the leaders of the G7 countries (the United States, Canada, the United Kingdom, France, Germany, Italy and Japan) reached a consensus on how to provide Ukraine with loans in the amount of about USD 50 billion, which will be secured by the proceeds from frozen russian assets.

Earlier, Shmyhal reported that Ukraine is beginning to receive the first U.S. funds at the expense of frozen russian assets.

In December, the U.S. Treasury Department announced the allocation of a USD 20 billion loan to Ukraine, which will be repaid at the expense of the proceeds from frozen russian assets.

In June, the leaders of the G7 countries reached an agreement on the allocation of USD 50 billion for Ukraine by using frozen russian assets.