Ukraine has received €1B in aid from Russia’s frozen assets, and the EU is sending another €2B.

As part of the G7 initiative (ERA), the EU has transferred €1B to Ukraine, with the return of funds made possible through income from frozen Russian assets. This marks the third tranche from the EU under the ERA program, bringing Ukraine’s total amount received to €5B.

Meanwhile, Kyiv emphasizes that Ukraine’s priority is the complete confiscation of Russia’s frozen sovereign assets, which it plans to utilize as capital to rebuild the country.

Additionally, the EU this week submitted a request for €2.1B in income generated by Russia’s frozen assets to be transferred to Ukraine.

However, due to rising prices for precious metals, Moscow has compensated for approximately 33% of its assets that are being held by the West following the onset of the country’s war against Ukraine. Since the start of 2022, the value of Russia’s gold reserves has surged by 72%, or $96B, while the volume has remained relatively unchanged at around 75 million ounces. Consequently, gold is playing an increasingly significant role in the Russian Federation’s financial strategy, particularly against the backdrop of international sanctions.