The European Union has transferred another tranche of macro-financial assistance to Ukraine – €1 billion raised from the proceeds of frozen Russian assets.
This was announced by the Prime Minister of Ukraine Denys Shmyhal on his Telegram channel.
“This is the fifth tranche under the ERA initiative. The funds will be used for key state budget expenditures,” the Prime Minister said.
In total, Ukraine has already received €7 billion under the European Revenue for Ukraine (ERA) programme. This mechanism allows the EU to transfer to Ukraine revenues received from the management of frozen assets of the Russian Federation, which were immobilised after the start of full-scale aggression.
“Together, we will make the aggressor pay for all the damage caused to Ukraine,” Shmyhal added.
The European ERA initiative envisages that Ukraine could receive up to €50 billion by the end of 2027. Part of these funds will come from interest and profits earned from investing the frozen assets of the Russian Central Bank – most of which are currently held in Belgium.
