Canada has transferred $1.7 billion to Ukraine. What are these funds?
13 March 2025 16:42
Ukraine has received 2.5 billion Canadian dollars (about 1.7 billion US dollars) as part of the G7 ERA initiative.
This was announced by Prime Minister Denys Shmyhal, "Komersant Ukrainian" reports.
These funds were provided by the proceeds of frozen Russian assets. They will be used for the priority needs of the state budget.
Shmyhal noted that this is the first such tranche from Canada.
In total, the country has allocated 5 billion Canadian dollars for Extraordinary Revenue Acceleration. This is a loan program led by the G7 countries. It provides Ukraine with financial resources from the proceeds of frozen Russian assets.
In total, the partners promised to provide Ukraine with about $50 billion. The funds will be serviced and repaid from future profits received from frozen sovereign Russian assets located in the European Union and other jurisdictions.
According to the Ministry of Finance, about $280 billion of frozen Russian sovereign assets are held in G7 jurisdictions. The G7 countries pledged to keep them immobilized until Russia pays for its crimes against Ukraine.
“I thank Canada and all G7 partners for creating a mechanism that makes Russia financially responsible for its aggression,” Shmyhal wrote.
Earlier, British Foreign Secretary David Lammy promised to do “everything possible” to transfer the frozen 2.3 billion pounds to help Ukraine, which Russian oligarch Roman Abramovich received from the sale of the Chelsea football club more than two years ago.
