EU transfers another €1 billion to Ukraine under G7 loan initiative

Kyiv has received another €1 billion from the EU under the G7 loan initiative, with repayment to come from the proceeds of frozen Russian assets, as announced by Ukrainian Prime Minister Denys Shmyhal.

“The EU has transferred €1 billion to Ukraine as part of the ERA initiative. This is the third tranche under the G7 initiative, secured by proceeds from frozen Russian assets. The funds will be directed toward priority state budget expenditures. In total, under the ERA program, European allies have provided Ukraine with €5 billion,” Shmyhal wrote on his Telegram channel, Caliber.Az reports.

On March 20, the European Commission stated that it had allocated an additional €1 billion to Ukraine under the G7 loan initiative, with repayment tied to income generated from frozen Russian sovereign assets. It was noted that this brings the total amount of loans allocated to Kyiv by Brussels to €4 billion.

​Since Russia's full-scale invasion of Ukraine in February 2022, the Group of Seven (G7) nations—comprising Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States—have demonstrated unwavering support for Ukraine through coordinated diplomatic, economic, and military efforts.​

By Khagan Isayev