Ukraine receives over $5 billion in aid from Canada since Russia's invasion

Ukraine's Ministry of Economy press service reports.

On August 21, Ukrainian Finance Minister Serhiy Marchenko met with Canadian International Development Minister Ahmed Hussen.

Marchenko expressed gratitude to the Canadian government for its support since the beginning of the full-scale war. According to him, Canada is the third largest G7 member country in terms of funding.

“Canada continues to maintain its clear position on financial, military, humanitarian aid, sanctions against the aggressor country, as well as in the G7 political decision to use the immobilized sovereign assets of the Russian Federation in favor of Ukraine,” the Ukrainian minister said. 

Thus, in 2022, Ukraine received about $1.9 billion from Canada, in 2023 - more than $1.75 billion in concessional funds, and this year the state budget received more than $1.47 billion. 

The Canadian delegation expressed its support for providing Ukraine with $50 billion to be serviced and repaid from future profits from frozen Russian assets. The parties agreed that Russia should be held accountable for the crimes committed and the damage caused to Ukraine. Financing priority needs, including the military, at the expense of Russian assets is one such mechanism. 

The parties discussed one of the most effective tools for mobilizing the state's internal resources, the issue of military bonds. Since February 2022, Ukrainians, including commercial banks, legal entities and individuals, have purchased bonds totaling about $31 billion. 

“For its part, the Canadian side has expressed its readiness to cooperate in the implementation of initiatives to maintain financial stability and in the process of implementing reforms,” the Ministry of Economy said.

• On Thursday, August 15, the Canadian Ministry of National Defense announced that Ukraine has permission to use the provided armored vehicles in Russia.