EU Transfers €3 Billion to Ukraine as First Tranche of $50 Billion G7 Loan, Repaid from Russian Assets

Jan 10, 2025, 10:14 AM

The European Union has transferred the first installment of €3 billion to Ukraine as part of a G7 loan package, which is to be repaid using the proceeds from frozen Russian assets. This payment marks the initial tranche of the EU's €18.1 billion contribution to the €45 billion G7 Extraordinary Revenue Acceleration (ERA) loans for Ukraine. The total loan package agreed upon by the G7 countries amounts to $50 billion. European Commission President Ursula von der Leyen emphasized the importance of the funds, stating that they will provide Ukraine with the financial power to continue fighting for its freedom. Ukrainian Prime Minister Denys Shmyhal confirmed the receipt of the funds, highlighting their significance for Ukraine's resilience against Russian aggression.