Shmyhal: Ukraine received the first 3 billion euros from the EU at the expense of Russia’s frozen assets

The state budget of Ukraine received 3 billion euros from the European Union within the framework of the “Emergency loan for support of Ukraine” ERA initiative – Prime Minister Denys Shmyhal announced this on January 10.

“This is the first tranche of funds from the European Union, which are secured by revenues from Russian frozen assets. Ukraine will direct this resource to priority budget expenditures,” the message reads.

Shmyhal reminded that the ERA is an initiative of the “Group of Seven” and provides for the transfer of 50 billion dollars to Ukraine, of which 20 billion is provided by the European Union.

Read also: Shmyhal announced $15 billion from the United States. This aid is secured by future revenues from the frozen assets of the Russian Federation

“In this way, we implement the principle of “Russia will pay” and strengthen the financial stability of Ukraine in 2025. I thank our partners for their constant support and solidarity,” the head of government added.

The mechanism of the G7 member countries Extraordinary Revenue Acceleration for Ukraine (ERA) in the amount of up to 50 billion US dollars provides for the channeling of credit funds to Ukraine, which will be repaid at the expense of future profits received from immobilized Russian sovereign assets.

In December 2024, the Ukrainian government announced the receipt of a billion dollars from the United States. The provision of these funds will be provided by income from frozen Russian assets.

On December 10, the US Treasury announced that the United States will provide Ukraine with $20 billion in loans as part of the Group of Seven’s Extraordinary Revenue Acceleration (ERA) Loans initiative, which provides for a total of $50 billion.