Ukraine received the second tranche from Canada under the G7 mechanism
Photo: Depositphotos

Ukraine received 2.3 billion Canadian dollars (approximately $1.7 billion) from Canada on Monday, June 30, as part of the Extraordinary Revenue Acceleration for Ukraine (ERA) initiative, according to Prime Minister Denys Shmyhal and the Ministry of Finance of Ukraine.

This is the second tranche from Canada, whose total contribution will be 5 billion Canadian dollars.

"Together with our partners, we are forcing Russia to pay for the crimes and destruction it has committed. Since the beginning of the year, taking into account the latest tranche, we have received about $17.6 billion from the seized assets of the Russian Federation," the Prime Minister noted.

Ukraine insists on the complete confiscation of Russia's frozen assets, Shmygal stressed.

"They are needed to pay compensation to those affected by the aggression and to rebuild our country. It will also be an act of justice to prevent aggressive wars in the future," added the Ukrainian Prime Minister.

The Ministry of Finance clarified that 4.8 billion Canadian dollars ($3.4 billion) have already been received into the state budget. Ukraine received the first tranche of the ERA from Canada, amounting to 2.5 billion Canadian dollars ($1.7 billion), on March 13.

"This is an important contribution to supporting Ukraine's financial stability. The funds will ensure the urgent expenditures of the state budget," said Finance Minister Serhiy Marchenko.

  • In 2024, the G7 countries agreed to use the interest from frozen assets as a loan to Ukraine. The loan will be secured by the income from frozen Russian assets and will be interest-free for Ukraine.
  • The head of the NBU, Andriy Pishnyy, hopes that in 2026 Ukraine will gain access to the "principal" of the frozen assets.
  • The finance minister and the president of Ukraine discussed ways to confiscate Russia's frozen assets during the visit of the head of the ECB, Christine Lagarde, to Kyiv in June.