This year, Ukraine anticipates receiving €18B from Russia’s frozen assets.

Since the start of the year, Ukraine has already received €5B from the EU that was sourced from these assets’ proceeds, and expects to collect another €13B from these profits by the year’s end, Ukrainian Prime Minister Denys Shmyhal stated in Brussels following the Ukraine-EU Association Council meeting. These funds are part of the ERA initiative (G7 loans totaling $50B (€45B), to be repaid with proceeds generated by Russian assets).

The Shmyhal urged Ukraine’s European partners to enhance their collaborative efforts on a legal framework to allow the confiscation of Russia’s assets. He noted that, according to the World Bank, Ukraine’s restoration costs will exceed $500B, making it essential that Russian funds become a primary funding source for reconstruction.

Shmyhal added: “Of the more than 150 conditions of Ukraine’s Plan for the Ukrainian Facility for 2024-2027, we have already fulfilled 36. We recently received another tranche of €3.5B, which boosts the macro-financial stability of our state.”