European Commission transfers EUR 1B to Ukraine under G7 loan

According to Ukrinform, this information was released today on the European Commission's website.

"Today, the European Commission has disbursed an additional €1 billion tranche of its exceptional Macro-Financial Assistance (MFA) loan to Ukraine, to be repaid with proceeds from immobilized Russian State assets in the EU, reinforcing the EU's role as the largest donor since the beginning of Russia's war against Ukraine," the statement reads.

"Ukraine has received €1 billion from the European Union under the ERA initiative. This is the second tranche from the EU, secured by revenues from frozen Russian assets. The funds will be directed to priority state budget expenditures. In total, under the G7 initiative, European partners have provided Ukraine with €4 billion," wrote Prime Minister Denys Shmyhal on Telegram.

Shmyhal emphasized that frozen Russian assets should work for the benefit of Ukraine and assured that the government will work to fully confiscate these assets and allocate them for Ukraine's reconstruction.

As reported by Ukrinform, Ukraine has received 2.5 billion Canadian dollars (approximately 1.7 billion USD) under the G7 ERA initiative.