The European Union has transferred another 1 billion euros to Kyiv as part of the ERA initiative. The funds from Russian assets will go to Ukraine's priority goals. About this said Prime Minister Denys Shmyhal.
"This is the third tranche within the framework of the G7 initiative, secured by revenues from frozen Russian assets. We will direct the funds to priority state budget expenditures," he wrote.
According to him, in total, European allies provided Ukraine with 5 billion euros under the ERA program.
Shmyhal reported that the tranche was announced during his meeting with EU Commissioner for Economy and Productivity Valdis Dombrovskis in Brussels.
"I emphasized at the meeting that our priority is the complete confiscation of frozen Russian sovereign assets, which should be used as a resource for the reconstruction of Ukraine. We paid special attention to this issue," — noted Shmyhal.
The G7 mechanism
The mechanism involves receiving $7 billion from the G50 countries, with subsequent repayment from the proceeds from the use of frozen Russian assets.
It is planned to receive $20 billion from the US, $20 billion from the EU, $3 billion from the UK, $3,7 billion from Canada, and $3 billion from Japan.
A feature of the program is the possibility of directing part of these funds (from the EU and the UK) directly to defense needs.
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