Ukraine Received 1 Billion Euros from the EU from Frozen Russian Assets

The European Union has transferred 1 billion euros to Ukraine as the third tranche under the “Emergency Support for Ukraine” (ERA) initiative. This was announced by Prime Minister Denys Shmyhal on April 9 after a meeting with European Commissioner for Economy and Productivity Valdis Dombrovskis in Brussels.

This is reported by AgroReview

According to Shmyhal, these funds were allocated through the G7 mechanism and are backed by revenues from frozen Russian assets. The allocated funds will be used for priority expenditures in Ukraine’s state budget.

“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,” Shmyhal noted.

The ERA initiative, which is part of the G7 program, aims to provide Ukraine with a total of 50 billion dollars, of which 20 billion dollars is being provided by the European Union. In total, European allies have already allocated 5 billion euros to Ukraine under this program.