Ukraine receives third EU tranche from frozen Russian assets

The European Union has transferred €1 billion to Ukraine under the Extraordinary Revenue Acceleration (ERA) initiative, part of the G7 initiative funded by the proceeds of frozen Russian assets. This is the third tranche under this initiative, bringing the total amount provided by the EU under the ERA programme to €5 billion.

The money will be used to cover priority state budget expenditures. The Prime Minister of Ukraine Denys Shmyhal noted that the priority is to fully confiscate frozen Russian sovereign assets to use them in Ukraine's recovery. The G7 initiative envisages providing Ukraine with $50 billion, of which the EU will provide $20 billion.

Source: Word and Deed