EU Transfers $1.2 Billion to Ukraine Using Frozen Russian Assets
Ukraine has received another 1 billion euros ($1.2 billion) from the European Union, sourced from frozen Russian assets, according to Prime Minister Denys Shmyhal. These funds are part of the G7’s Extraordinary Revenue Acceleration (ERA) mechanism, which aims to provide Ukraine with $50 billion in loans repaid using profits from frozen Russian assets. To date, Ukraine has received over $18.5 billion this year through this initiative, with plans to further advocate for the complete confiscation of Russian assets at the Ukraine Recovery Conference in Rome. The ERA initiative, primarily supported by the U.S. and the EU, is expected to deliver all funds to Ukraine by the end of 2027, with contributions from the EU, U.S., U.K., Canada, and Japan.
John Q. Hosedrinker