Ukraine Receives €3 Billion from EU

Ukraine has received its first €3 billion tranche from the European Union as part of the G7's Extraordinary Revenue Acceleration (ERA) initiative, which aims to provide a total of €45 billion in loans to support the country amid the ongoing conflict with Russia. European Commission President Ursula von der Leyen emphasized that this funding, sourced from frozen Russian assets, is crucial for Ukraine's financial resilience and military expenditures. Prime Minister Denys Shmyhal confirmed that the funds will be directed to priority budgetary needs, fulfilling the principle that 'Russia will pay' for the damages caused. In addition to the EU's contribution, the G7 plans to provide €50 billion in total, with significant contributions from the US, UK, Canada, and Japan. The initiative is designed so that Ukraine can repay these loans without direct financial burden, utilizing proceeds from future war reparations from Russia. This financial support reinforces the international community's commitment to Ukraine's sovereignty and recovery efforts.