Canada will provide Ukraine with nearly $4B as part of G7 support

Canada's Minister of Finance Chrystia Freeland announced this in Ottawa, an Ukrinform correspondent reports.

“Canada was the first country to advocate for using these assets to support Ukraine, and we are proud to be providing the largest per capita contribution: 5 billion Canadian dollars,” Freeland said, commenting on the consensus of the G7 countries on the procedure for providing Ukraine with a $50bn loan from frozen Russian assets.

She recalled that at the beginning of Russia’s full-scale invasion of Ukraine, Canada and its allies immobilized nearly $280 billion in Russian sovereign assets.

“Within the G7, all countries have agreed that Russian sovereign assets will remain immobilized until Russia pays for the damage it continues to inflict on Ukraine,” Freeland said.

As reported by Ukrinform, the Group of Seven leaders reached a consensus on the procedure for providing Ukraine with a $50 billion loan from frozen Russian assets. The EU and the US are the largest contributors, but the other members of the Group of Seven have also joined the initiative financially.