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Ukraine has received the first installment of 2.5 billion Canadian dollars (approximately $1.7 billion) from Ottawa under the G7's Extraordinary Revenue Acceleration (ERA) initiative, the Ukrainian Finance Ministry announced on March 13.
The $50 billion ERA mechanism provides loans to Ukraine, which will be repaid using future profits from frozen Russian assets.
According to the Ukrainian Finance Ministry, Canada’s contribution to the initiative amounts to $3.5 billion, with the loan set to be issued for a 30-year term.
"Canada is a reliable and steadfast partner of Ukraine. I am grateful for its support of the ERA mechanism—it is a fair and necessary tool to hold Russia financially accountable for its crimes in Ukraine," said Ukrainian Finance Minister Serhii Marchenko.
Since Russia's full-scale invasion in 2022, G7 countries have frozen approximately $300 billion in Russian sovereign assets.
The ERA initiative, primarily supported by the U.S. and the EU, seeks to utilize profits from these frozen assets to fund Ukraine's defense and reconstruction efforts.
Alongside Canada's contribution, Kyiv has also received £752 million ($970 million) as the first installment of the U.K.'s contribution to the G7 loan, Prime Minister Denys Shmyhal announced on March 7.
AnewZ has learned that India has once again blocked Azerbaijan’s application for full membership in the Shanghai Cooperation Organisation, while Pakistan’s recent decision to consider diplomatic relations with Armenia has been coordinated with Baku as part of Azerbaijan’s peace agenda.
A day of mourning has been declared in Portugal to pay respect to victims who lost their lives in the Lisbon Funicular crash which happened on Wednesday evening.
A Polish Air Force pilot was killed on Thursday when an F-16 fighter jet crashed during a training flight ahead of the 2025 Radom International Air Show.
At least eight people have died and more than 90 others were injured following a catastrophic gas tanker explosion on a major highway in Mexico City’s Iztapalapa district on Wednesday, authorities confirmed.
Start your day informed with AnewZ Morning Brief: here are the top news stories for the 18th of September, covering the latest developments you need to know.
Thai police have fired tear gas and rubber bullets at Cambodian civilians in a disputed border area on Wednesday, authorities in both countries said. It's the most significant escalation since they declared a ceasefire to end a deadly five-day conflict in July.
Cuba has called for the United Nations to stop the United States from starting a war in the region, amid rising tensions due to a military build-up in the Caribbean to counter drug cartels.
Denmark did not invite the U.S. military to take part in Arctic Light 2025, the largest military exercise in Greenland's modern history, as NATO allies step up defence cooperation in the Arctic amid U.S. interest in the island.
NATO has strengthened its security to safeguard undersea infrastructure, since a suspected sabotage in January this year in the Baltic Sea. The alliance now deploys air and naval patrols, and warns that attacks will not go unpunished.
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