Ukraine Receives First EU Loan Backed by Frozen Russian Assets

Ukraine has received its first tranche of €3 billion ($3.09 billion) from the European Union, funded by proceeds from frozen Russian assets, Orda reports, citing The Kying Independent.

The funding comes through the Extraordinary Revenue Acceleration (ERA) initiative, part of a broader G7 commitment to provide Ukraine with $50 billion in loans.

The EU's portion of this support package amounts to approximately $20 billion.

This is the first tranche of funds from the European Union, secured through income from frozen Russian assets,Ukrainian Prime Minister Denys Shmyhal announced on Telegram on January 10.

Western nations can only utilize annually generated profits from the frozen assets.