Govt approves agreement with Japan to receive about $3 bln secured by revenues from frozen Russian assets – Shmyhal
The Cabinet of Ministers of Ukraine has approved an agreement with Japan that will allow it to receive about $3 billion within the G7 Extraordinary Revenue Acceleration (ERA) initiative, Prime Minister Denys Shmyhal said.
"These funds will be secured by revenues from frozen Russian assets and directed to priority budget expenditures, reconstruction and development of Ukraine. In total, within the framework of this mechanism, Ukraine will attract $50 billion," Shmyhal wrote on Telegram.
He thanked partners from the G7 countries and the European Union "for creating an instrument that forces Russia to pay for the damages caused." "We expect that all the aggressor's frozen assets will be confiscated and directed towards the reconstruction of Ukraine," Shmyhal added.
As reported, in March and early April, the European Union transferred about EUR 1 billion to Ukraine twice within the framework of the ERA initiative, and in early January – EUR 3 billion out of the planned EUR 18 billion. Also, within the framework of the ERA initiative, the United Kingdom transferred GBP 752 million (EUR 873 million) to Ukraine twice, and in total plans to transfer GBP 2.26 billion (EUR 2.62 billion). Ukraine has also already received CAD 2.5 billion (about $1.7 billion) within the framework of the ERA initiative from Canada, which plans to transfer CAD 5 billion in total.
The US Treasury Department announced in December 2024 its decision to allocate $20 billion to Ukraine within the framework of the G7 initiative to allocate $50 billion to Ukraine from the proceeds of frozen Russian assets.
Japan announced its intention to transfer JPY 471.9 billion (approximately $3.1 billion) to Ukraine.