Canada transfers US$1.7bn in revenues from frozen Russian assets to Ukraine

Canada has transferred approximately US$1.7 billion to Ukraine from revenues generated by frozen Russian assets, as part of the G7 Extraordinary Revenue Acceleration (ERA) initiative.

Source: Ukrainian Prime Minister Denys Shmyhal on X (Twitter), as reported by European Pravda

Details: Shmyhal stated that Ukraine had received about US$1.7 billion (CA$2.3 billion) from Canada under the ERA initiative. These funds come from the proceeds of Russian assets frozen in the West.

He noted that with this tranche, Ukraine has received approximately US$17.6 billion since the beginning of the year through the immobilisation of Russian assets.

Quote: "We are grateful to Canada, Prime Minister Mark Carney and everyone involved in this initiative. We insist on the full confiscation of the frozen Russian assets. They are needed to compensate the victims of aggression and to rebuild our state. This will also be an act of justice to prevent aggressive wars in the future."

The UK has prepared a military aid package for Ukraine financed by revenues from frozen Russian assets.

Ukraine’s Foreign Minister Andrii Sybiha has called on Western partners to use frozen Russian assets to purchase weapons for Ukraine and support the country’s recovery.