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.
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The Netherlands has announced a new €500 million military support package for Ukraine, focused on drones and air defence systems, as Western allies intensify efforts to strengthen Kyiv's position in its war against Russia.
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Millions of people across 13 countries are expected to face worsening food insecurity between June and November 2026, according to a new report from the Food and Agriculture Organization (FAO) and the World Food Programme (WFP).
Ukraine is seeking an additional $20 billion in military funding from its allies, Defence Minister Mykhailo Fedorov said on Wednesday, as Kyiv looks to strengthen its battlefield position and increase pressure on Russia ahead of potential negotiations.
U.S. President Donald Trump said on Wednesday that he had a "very good" conversation with Indian Prime Minister Narendra Modi during the G7 summit in France, adding that Washington and New Delhi were working on trade agreements despite recent strains in bilateral ties.
Polish police have launched an investigation after videos circulating online showed men in military-style uniforms patrolling Warsaw Central railway station and questioning people they believed to be foreigners.
The Netherlands has announced a new €500 million military support package for Ukraine, focused on drones and air defence systems, as Western allies intensify efforts to strengthen Kyiv's position in its war against Russia.
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