**Ukraine Receives $1.7 Billion from Canada Under G7 Loan**
The Ukrainian Finance Ministry announced that the country has received its first tranche of 2.5 billion Canadian dollars (about $1.7 billion) from Ottawa under the G7′s Extraordinary Revenue Acceleration (ERA) initiative.
The ERA mechanism, which totals $50 billion, provides loans to Ukraine using future profits from frozen Russian assets. Canada’s contribution to the initiative is $3.5 billion, with the loan granted for 30 years.
Ukrainian Finance Minister Serhii Marchenko expressed gratitude for Canada’s support, saying it was a “fair and necessary tool” to hold Russia accountable for its crimes in Ukraine.
**Canada’s Contribution to ERA Initiative**
Canada’s contribution of $3.5 billion is part of the G7’s efforts to use profits from frozen Russian assets to finance Ukraine’s defense and reconstruction. The initiative has received backing from countries like the U.S. and EU, with approximately $300 billion in Russian sovereign assets frozen since Russia’s invasion in 2022.
**Ukraine Receives Additional Funding**
In addition to Canada’s contribution, Ukraine also received a first installment of 752 million pounds ($970 million) as part of the UK’s contribution to the G7 loan.