Canada transfers first tranche to Ukraine from frozen Russian asset profits

Canada has transferred 2.5 billion Canadian dollars (approximately $1.7 billion USD) to Ukraine as part of the G7 Extraordinary Revenue Acceleration (ERA) initiative. This program utilizes profits from frozen Russian assets to provide financial support to Kyiv.  

Ukrainian Prime Minister Denys Shmyhal announced the receipt of the funds on March 13, as reported by European Pravda. According to him, the money will be directed toward the country’s priority budget needs.  

Canada has allocated a total of 5 billion Canadian dollars under the ERA initiative, with this tranche being the first installment.  

Previously, in 2024, G7 countries agreed to provide Ukraine with a $50 billion loan funded by revenues from frozen Russian assets. As part of this mechanism, Ukraine received the first tranche of the planned $20 billion from the U.S. in late December 2024, followed by 3 billion euros from the EU in January 2025.  

On March 7, Ukraine also received an initial payment of 752 million British pounds (approximately $971.9 million USD) from the United Kingdom under the G7 loan framework, which utilizes profits from frozen Russian assets.

• The French National Assembly has passed a resolution calling for stronger support for Ukraine and the seizure of frozen Russian assets.