The European Commission called on its partners from the Group of Seven (G7) to follow the example of the European Union member states and repay Ukraine's ERA loan as soon as possible. Extraordinary Revenue Acceleration. , which will be repaid by using excess profits from frozen assets of the Russian Federation
This is how European Commission spokesman Balazs Uyvari answered a question from a Suspilny correspondent about the progress of the ERA program at a briefing.
“Within the framework of the ERA loan, we are talking about a total amount of 45 billion euros, of which more than 38 billion have been paid to Ukraine by the G7 partners. Part of it is our contribution (the EU – ed.). 18 billion euros that have been paid in full. So we have done our part. And, of course, it is important for us to ensure that Ukraine receives the rest of the funds as soon as possible, and, of course, we call on all G7 partners to follow our example,” the EC spokesman said.
Frozen assets of the Russian Federation and the ERA initiative of the G7 and the EU
Since the beginning of the Russian Federation's full-scale invasion of Ukraine, frozen assets of the Bank of Russia worth almost 280 billion euros have been discovered abroad, more than two-thirds of which are in the European Union.
The Belgian company Euroclear holds about 191 billion euros belonging to the Russian Central Bank, which earned about 4.4 billion euros on them in 2023, the Financial Times writes, citing a Euroclear financial report.
In July 2024, G7 and EU leaders agreed to use interest on frozen Russian assets to provide Ukraine with $50 billion. However, the US demanded clear guarantees from the EU that the loan to Ukraine could be fully repaid with assets in the EU, as European sanctions against Russia were expiring.
Later, Washington announced that it would not unblock Russian assets until Moscow paid Kyiv reparations in full.
In October 2024, the leaders of the G7 countries agreed to a $50 billion loan for Ukraine, which will be repaid with the proceeds from frozen Russian assets.