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EU to allocate $36 billion of financial support to Ukraine

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by Olena Goncharova
EU to allocate $36 billion of financial support to Ukraine
Illustrative purposes only: The EU and Ukrainian flags are being displayed during a press conference by European Parliament President Roberta Metsola and Ukraine's President Volodymyr Zelensky in Kyiv, Ukraine, on May 9, 2024. (STR/NurPhoto via Getty Images)

The European Union will provide 35 billion euros ($36 billion) in financial assistance to Ukraine in 2025 through the G7 Extraordinary Revenue Acceleration (ERA) credit initiative and the Ukraine Facility program, European Commission's vice-president and trade commissioner announced on Jan. 22.

On Jan. 10, Ukraine received three billion euros ($3 .09 billion) from the EU, the first tranche of loans from the bloc funded by proceeds of frozen Russian assets.

The money has been provided through the ERA initiative, in which G7 countries pledged to provide Ukraine with almost $50 billion loan, with the EU contributing around $20 billion.

In December 2024, the U.S. Treasury Department announced a $20 billion loan to Ukraine as part of the ERA initiative, backed by the proceeds from approximately $300 billion in frozen Russian assets, primarily held in European countries, with smaller amounts in the United States and Japan.

The Ukraine Facility mentioned by Dombrovskis is a pivotal financial assistance program established by the European Union in February 2024 to support Ukraine from 2024 to 2027. In November, the European Commission agreed to allocate 4.1 billion euros ($4.3 billion) under the program aimed to help the Ukrainian government's tasks for recovery, reconstruction, and modernization.

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The Kyiv IndependentTim Zadorozhnyy

UkraineEU aidEuropean CommissionUkraine FacilityRussian assets
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Olena Goncharova

Head of North America desk

Olena Goncharova is the Head of North America desk at The Kyiv Independent, where she has previously worked as a development manager and Canadian correspondent. She first joined the Kyiv Post, Ukraine's oldest English-language newspaper, as a staff writer in January 2012 and became the newspaper’s Canadian correspondent in June 2018. She is based in Edmonton, Alberta. Olena has a master’s degree in publishing and editing from the Institute of Journalism in Taras Shevchenko National University in Kyiv. Olena was a 2016 Alfred Friendly Press Partners fellow who worked for the Pittsburgh Post-Gazette for six months. The program is administered by the University of Missouri School of Journalism in Columbia.

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