Following the summit, the G7 leaders adopted a declaration outlining the details of the mechanism through which Ukraine will receive up to $50B in aid secured by frozen Russian assets. The leaders of the G7 states state that Russia has caused more than $486B in damages to Ukraine and is obliged to compensate Ukraine for this damage.
To support the country’s current and future needs in the face of its prolonged defense against Russia, the G7 will launch an Extraordinary Revenue Acceleration (ERA) loan to provide about $50B in additional funding by the end of the year. These loans will be repaid using proceeds from immobilized Russian sovereign assets that are being held in the EU and other jurisdictions. The assets themselves will remain frozen until Russia ceases its military aggression and compensates Ukraine for all damages it has sustained.
The G7 funding will be used “for military needs, as well as budget needs and reconstruction.”
According to the Minister of Finance of Ukraine, Serhiy Marchenko, these funds will help Ukraine fulfill its 2025 budgetary needs for all necessary expenditures.