Denys Shmyhal. Stock photo: Getty Images
Ukraine will receive nearly US$3 billion from Japan as part of the G7 countries’ Extraordinary Revenue Acceleration for Ukraine (ERA) initiative.
Source: Ukrainian Prime Minister Denys Shmyhal on Telegram
Details: Shmyhal stated that the Cabinet of Ministers (the Government of Ukraine) had adopted a decision necessary to secure the funds, which will be backed by revenue from frozen Russian assets.
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“We will direct these funds towards financing our priority budget expenditures,” he said.
Background:
On 18 April, Ukraine’s Finance Minister Serhii Marchenko and Ambassador Extraordinary and Plenipotentiary of Japan to Ukraine Masashi Nakagome signed an agreement on the provision of a loan in the amount of up to 471.9 billion Japanese yen (about US$3 billion) to Ukraine.
Ukraine is expected to receive US$3 billion from the windfall profits of frozen Russian assets between 2025 and 2026.
Finland signed an agreement with the European Commission to supply heavy munitions to Ukraine, purchased with funds from frozen Russian assets.
The European Union officially announced plans to allocate nearly €1.9 billion in military support for Ukraine.
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