The Cabinet of Ministers has approved an agreement with Japan that will allow Ukraine to receive about $3 billion under the G7 Extraordinary Revenue Acceleration (ERA) initiative, Prime Minister Denys Shmyhal announced.
“These funds will be secured by revenues from frozen Russian assets and directed toward priority budget expenditures, recovery, and development of Ukraine,” he stated.
According to the Prime Minister, Ukraine is set to raise a total of $50 billion through this mechanism.
Shmyhal emphasized the importance of the ERA initiative in supporting Ukraine financially and thanked G7 and EU partners for creating a mechanism that forces Russia to compensate for the damage it has caused.
“We hope that all immobilized assets of the aggressor will eventually be confiscated and used for Ukraine’s reconstruction,” the Prime Minister stressed.
