The European Union has transferred an additional 1 billion euros to Ukraine under the G7’s Extraordinary Revenue Acceleration (ERA) initiative, with the funds sourced from profits generated by frozen Russian sovereign assets, Ukrainian Prime Minister Denys Shmyhal said, Report informs via RBC-Ukraine.
"This is the third tranche under the G7 initiative, secured through revenue from frozen Russian assets. The funds will be allocated to our top budgetary needs," Shmyhal stated.
According to the Ukrainian prime minister, his state has now received a total of 5 billion euros through the ERA mechanism from its European partners.
Shmyhal stated that the announcement about the tranche was made during his meeting with the EU Commissioner for Economy and Productivity Valdis Dombrovskis in Brussels.
"I emphasized at the meeting that our priority is the full confiscation of frozen Russian sovereign assets, which must be used as a resource for the reconstruction of Ukraine. We paid special attention to this issue," Shmyhal noted.
