On May 8, Ukraine received the fourth tranche from the European Union as part of the G7 Extraordinary Revenue Acceleration for Ukraine (ERA) initiative. The volume of financial assistance amounted to 1 billion euros, reported Prime Minister of Ukraine Denys Shmyhal.
“These funds are provided at the expense of profits from the immobilized assets of the Central Bank of Russia. We will direct these finances to cover critically important budget expenditures and strengthen our state. This tranche is part of a fair and consistent approach: the aggressor must pay for the destruction he brought to our land.” Shmyhal noted.
He noted that the ERA initiative is an effective support tool, but Ukraine is counting on further steps — in particular, full confiscation of Russian assets and increased sanctions in response to Russian war crimes. The funds that arrived on Thursday became the first tranche of financial aid received by Ukraine in May.
We will remind that in April, the foreign currency accounts of the government at the National Bank were replenished by $4.86 billion from the European Union and $1.29 billion from other international partners. This allowed Ukraine to reach a record level of international reserves.
