Ukraine has received the first tranche from Canada amounting to CAD 2.5 billion (nearly USD 1.7 billion) under the G7 Extraordinary Revenue Acceleration for Ukraine (ERA) initiative.

The funds will be directed towards the priority needs of the State Budget.

The ERA mechanism worth USD 50 billion involves providing Ukraine with loan funds that will be repaid and serviced using future revenues received from immobilized russian sovereign assets.

Overall, Canada’s contribution to the ERA initiative amounts to CAD 5 billion. The loan is provided for 30 years.

“Canada is a reliable and steadfast partner of Ukraine. I am grateful for the support of the ERA mechanism. It is a fair and necessary tool to hold russia financially accountable for its crimes in Ukraine. In 2025, Canada chairs the G7, and I look forward to strengthening our cooperation and keeping the focus on Ukraine’s needs,” said Minister of Finance of Ukraine Sergii Marchenko.