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.
North Korea fired a ballistic missile into the East Sea, according to South Korea and Japan, as regional diplomacy and security concerns remain in foc...
Venezuelan President Nicolás Maduro and his wife, Cilia Flores, have arrived in New York after being captured by U.S. forces....
Tesla delivered 1.64 million vehicles in 2025, down 9%, as BYD becomes the top EV maker....
SpaceX will gradually lower 4,400 Starlink satellites this year to improve space safety....
Up to 45,000 households in Berlin are without electricity after a suspected arson fire....
European national security advisers gathered in Kyiv on Saturday to discuss Russia- Ukraine war and steps toward peace.
Start your day informed with AnewZ Morning Brief: here are the top news stories for the 3rd of January, covering the latest developments you need to know.
Ukrainian officials reported on Friday that thousands of children and their parents were evacuated from frontline areas in the Zaporizhzhia and Dnipropetrovsk regions as Russian forces continued to advance.
Russian airstrikes have devasted apartment buildings in a residential area of Kharkiv, north-eastern Ukraine, injuring at least 25 people according to the local governor.
Russian athletes will not be allowed to represent their country at the Milano Cortina Winter Olympics even if a peace deal is reached with Ukraine, International Olympic Committee President Kirsty Coventry said in an interview with an Italian newspaper.
Turkish President Recep Tayyip Erdogan has warned that the Russia-Ukraine war is now threatening trade in the Black Sea.
A 6.5-magnitude earthquake struck southern Mexico early on Friday, killing at least two people and causing damage in Guerrero state.
The United States launched an overnight military operation in Venezuela and captured its long-serving President Nicolás Maduro on Saturday, U.S. President Donald Trump said, pledging to place the country under temporary American control and signalling that U.S. forces could be deployed if necessary.
The UN Security Council will hold an emergency meeting Monday to discuss the U.S. operation in Venezuela.
North Korea fired a ballistic missile into the East Sea, according to South Korea and Japan, as regional diplomacy and security concerns remain in focus.
Venezuelan President Nicolás Maduro and his wife, Cilia Flores, have arrived in New York after being captured by U.S. forces.
Up to 45,000 households in Berlin are without electricity after a suspected arson fire.
The UN Security Council will hold an emergency meeting Monday to discuss the U.S. operation in Venezuela.
Swiss authorities have opened a criminal investigation into the managers of a bar where at least 40 people died in a New Year’s fire.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment