European Union transfers €1 billion from frozen Russian assets to Ukraine
The European Union transferred €1 billion to Ukraine, secured by profits from frozen Russian Central Bank assets, to support critical budget needs, Ukrainian Prime Minister Denys Shmyhal reported.
Shmyhal said the funds will cover essential state expenditures and strengthen Ukraine’s resilience.
“We are grateful to the EU and G7 partners for an effective mechanism. We await the next step—full confiscation of assets and tougher sanctions in response to Russia’s atrocities,” he added in his Telegram post.
The transfer is part of the G7-led Extraordinary Revenue Acceleration (ERA) program, which pledges $50 billion in loans to Ukraine, serviced by future profits from $280 billion in frozen Russian sovereign assets held in G7 jurisdictions.
According to Ukraine’s Finance Ministry, the G7 has committed to keeping these assets immobilized until Russia compensates for its crimes against Ukraine.
Author: Yulia Lavruk
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