By the end of the year, Ukraine will receive €35B through a non-repayable loan from the EU, secured by profits from Russian assets.

The head of the parliamentary budget committee, Roksolana Pidlasa, reported that the EC is providing an additional €1.6B from profits generated by frozen Russian assets to provide support for Ukraine. This is taking place within the framework of the G7 countries’ initiative, which last year announced that it would provide Ukraine with a $50B non-repayable loan. This initiative is called the Extraordinary Revenue Acceleration Loans for Ukraine.

“As of now, we have already received $18.8B from the G7 countries through the ERA loans. Overall, we expect €35B ($39B) from the EU, which should arrive by year’s end”, she said.

Pidlasa added that all ERA loan funds (except for UK funds) are allocated to non-military expenses in the state budget at the request of Ukraine’s partners. She noted that the EC previously reported that 90% of profits from Russian assets were directed to the European Peace Facility (to purchase weapons for Ukraine), and now 95% will go to the Ukraine Loan Cooperation Mechanism (ULCM).