Ukraine receives $1.7bn from frozen Russian assets transferred by Canada

Ukraine received 2.5 billion Canadian dollars. Photo: Getty images

Ukraine has received a tranche of CAD 2.5 billion (USD 1.7 billion) from Canada from the proceeds of frozen Russian assets under the G7 ERA initiative.

This was announced on Thursday, 13 March, by Prime Minister Denys Shmyhal.

It is noted that these funds will be used for the priority needs of the state budget.

«This is the first tranche from Canada, which has allocated a total of CAD 5 billion for Extraordinary Revenue Acceleration, which provides Ukraine with financial resources from the proceeds of frozen Russian assets. I thank Canada and all G7 partners for creating a mechanism that makes Russia financially responsible for its aggression», he said.

Last week, Ukraine received the first funds from the UK secured by the proceeds of frozen Russian assets.