EU funnels $4.7 billion to Ukraine in loan backed by Russian assets
Ukraine on Oct. 1 received another 4 billion euros ($4.7 billion) from the EU under the G7 loan backed by frozen Russian assets, the Ukrainian Finance Ministry announced.
The sum would be used to cover budget needs in defense, social programs, and recovery efforts, the ministry said.
With the latest tranche, the EU has funneled 14 billion euros ($16.4 billion) to Ukraine as part of the Extraordinary Revenue Acceleration (ERA) loans initiative.
The European bloc has pledged to shoulder 18.1 billion euros ($21.2 billion) of the $50 billion loan led by the G7 and aimed at boosting Kyiv's defense and reconstruction efforts.
Since last year, the G7 members and the EU have channeled $28 billion to Ukraine through the ERA loans.
"Since February 2022, the European Union has been the largest provider of direct budgetary support to Ukraine — 62.5 billion euros ($73.3 billion)," Finance Minister Serhii Marchenko said in a statement.
"The matter of further utilization of frozen Russian assets for Ukraine's needs remains on the agenda in meetings with European partners."
The G7 members immobilized roughly $300 billion in sovereign Russian assets at the outbreak of the full-scale war, with approximately two-thirds held in the Belgium-based financial institution Euroclear.
While the EU and Belgium have opposed confiscating the assets outright — fearing legal and fiscal pitfalls — European leaders have increasingly called for a more radical approach in using them for Kyiv's benefit.
Yuliia Taradiuk
