Ukraine receives second EU tranche secured by Russian asset revenues

Euro banknotes. Photo: Getty Images

Ukraine has received €1 billion from the European Union under the G7 Extraordinary Revenue Acceleration (ERA) loans initiative.

Source: Ukrainian Prime Minister Denys Shmyhal on Telegram

Details: Shmyhal stated that this is the second tranche from the EU secured by revenues from frozen Russian assets. The funds will be directed towards priority state budget expenditures.

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Shmyhal noted that European partners have already provided Ukraine with €4 billion under the G7 initiative.

Background:

• On 7 March, Ukraine received the first £752 million (roughly US$940 million) from the UK, secured by proceeds from these frozen assets.
• On 13 March, Ukraine received the first tranche of CAD 2.5 billion (roughly US$1.7 billion) from Canada under the ERA initiative.

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