Ukraine Receives Additional Funding from EU-Backed Loan Initiative
Ukraine has secured a further €1 billion from a G7 financing initiative derived from interest on frozen Russian assets.
On Friday, Ukraine received an additional €1 billion from the G7-backed ERA loan initiative, which is funded through the interest accrued on previously frozen Russian bank accounts.
Ukrainian Prime Minister Denys Shmyhal announced that this marks the fifth such transaction, bringing the total amount disbursed to Ukraine to €7 billion through this program.
In a statement posted on Telegram, Shmyhal indicated that the funds would be utilized to support state expenditures in Ukraine.
The G7, consisting of the world's seven largest advanced economies, alongside the European Union, announced last autumn in Washington that they would be providing approximately $50 billion (around 19 trillion Hungarian forints) to Ukraine, relying on the interest from the seized Russian bank accounts.
In June of the previous year, G7 leaders agreed to utilize these interest earnings in accordance with their respective national laws to guarantee the $50 billion loan to Ukraine.
The technical details of this arrangement were further clarified by finance ministers in the following autumn.
Ukrainian Prime Minister Denys Shmyhal announced that this marks the fifth such transaction, bringing the total amount disbursed to Ukraine to €7 billion through this program.
In a statement posted on Telegram, Shmyhal indicated that the funds would be utilized to support state expenditures in Ukraine.
The G7, consisting of the world's seven largest advanced economies, alongside the European Union, announced last autumn in Washington that they would be providing approximately $50 billion (around 19 trillion Hungarian forints) to Ukraine, relying on the interest from the seized Russian bank accounts.
In June of the previous year, G7 leaders agreed to utilize these interest earnings in accordance with their respective national laws to guarantee the $50 billion loan to Ukraine.
The technical details of this arrangement were further clarified by finance ministers in the following autumn.
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