Ukraine has finally signed an agreement with Japan to receive more than $3 billion from frozen Russian assets

Ukraine and the Japan International Cooperation Agency (JICA) have signed an agreement to provide Ukraine with $3 billion from frozen Russian assets. This was announced by Ukrainian Prime Minister Denys Shmyhal on Thursday, June 5.

He noted that the funds will be used to develop the economy and strengthen Ukraine.

“We are grateful to our Japanese friends and G7 partners for the mechanism that forces Russia to pay,” Shmyhal said.

He added that Ukraine has received a total of $14.7 billion under the ERA program.

The agreement was signed by Ukrainian Finance Minister Serhiy Marchenko and JICA Director in Ukraine Hideki Matsunaga, according to the Ministry of Finance.

In May, Shmyhal reported that Ukraine had received a tranche of macro-financial assistance in the amount of €1 billion under the ERA program.

The G7 Extraordinary Revenue Acceleration (ERA) initiative provides Ukraine with approximately $50 billion in loans secured by revenues from frozen Russian assets. These funds are intended to support Ukraine's budget, military needs, and infrastructure recovery.

Source: New voice