Ukraine gets $1.2 billion in financial aid from EU, PM says
Ukraine has received a 1 billion euro ($1.2 billion) tranche of macro-financial assistance from the European Union under the ERA loans program, Prime Minister Yuliia Svyrydenko announced on Sept. 10.
Ukraine receives funds from frozen Russian assets under the Group of Seven's (G7) Extraordinary Revenue Acceleration (ERA) mechanism. Within the ERA initiative, Ukraine is expected to get $50 billion in loans that will be repaid using future profits from frozen Russian assets.
"This is more than just assistance — it is a clear signal that Europe is resolutely strengthening Ukraine's defense and resilience in the face of massive missile attacks and attempts at destabilization," Svyrydenko wrote on Telegram.
"I would like to thank European Commission President Ursula von der Leyen and European Commissioner Valdis Dombrovskis for their leadership and steadfastness. These funds mean saved lives, rebuilt cities, and a secure European future for Ukraine," Svyrydenko added.
Since the start of Russia's full-scale invasion in 2022, G7 countries have frozen approximately $300 billion in Russian sovereign assets.
The ERA initiative, backed primarily by the U.S. and the EU, aims to use profits from these frozen assets to finance Ukraine's defense and reconstruction. Ukraine is expected to receive all funds from this initiative by the end of 2027.
The EU's contribution to the ERA initiative amounts to 18.1 billion euros ($21 billion), with a comparable sum shouldered by the U.S.
The U.K., Canada, and Japan are providing the rest of the overall sum.
