Ukraine receives CAD 2.5 billion from frozen russian assets, - Shmyhal

Ukraine has received first tranche from Canada in the amount of CAD 2.5 billion (about USD 1.7 billion) within the framework of the G7 Extraordinary Revenue Acceleration (ERA) initiative from frozen russian assets.

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

"Ukraine received CAD 2.5 billion (about USD 1.7 billion) within the framework of the G7 ERA initiative. The specified funds, secured by revenues from frozen Russian assets, will be directed to the priority needs of the state budget," he said.

Shmyhal noted that this is the first tranche from Canada, which has allocated a total of CAD 5 billion for ERA, which involves providing Ukraine with financial resources from profits from frozen russian assets.

He thanked Canada and all G7 partners for creating a mechanism that forces russia to be financially responsible for aggression.

As the Ukrainian News agency earlier reported, on March 7, Shmyhal announced that Ukraine had received the first GBP 752 million (about USD 1 billion) under the G7 ERA initiative from the United Kingdom.

As part of the ERA mechanism, Ukraine has also already received USD 1 billion from the United States and EUR 3 billion from the EU.

The G7 ERA mechanism, with a total volume of USD 50 billion, provides for the provision of credit funds to Ukraine, which will be repaid and serviced at the expense of future profits received from frozen russian assets.