The European Union has transferred a third tranche of 1 billion euros to Ukraine under the “Emergency Credit Facility for Ukraine” (ERA). This was announced by Prime Minister Denys Shmyhal on April 9 after a meeting with European Commissioner for Economy and Productivity Valdis Dombrovskis in Brussels.
This is reported by Finway
According to him, these financial resources became possible thanks to the G7 mechanism and were secured by revenues from frozen Russian assets. The funds received will be directed towards covering priority expenditures of the Ukrainian state budget.
“I emphasized at the meeting that our priority is the complete confiscation of frozen Russian sovereign assets, which should be used as a resource for the reconstruction of Ukraine. We paid special attention to this issue,” Shmyhal noted.
The ERA initiative, stemming from the “Group of Seven,” involves the transfer of 50 billion dollars to Ukraine, of which 20 billion is provided by the European Union itself. Overall, within this program, European allies have already provided Ukraine with 5 billion euros.