Ukrainian Prime Minister Denys Shmyhal on Tuesday said Kyiv has received the first tranche of aid from the US that came from the profits of frozen Russian assets.
Shmyhal said in a statement on X that Ukraine has received $1 billion from the US, which is part of Washington’s proposed $20 billion financing for the war-torn country as part of the Group of Seven‘s (G7) loan initiative.
“We are grateful to US partners and @WorldBank for this important step towards justice. We expect all russian sovereign assets to be confiscated and used for the reconstruction of #Ukraine,” Shmyhal added.
During a summit held in Italy back in June, G7 leaders agreed to launch the Extraordinary Revenue Acceleration Loans for Ukraine initiative to make available about $50 billion in additional funding to Kyiv by the end of the year.
According to a G7 leaders’ statement in late October, the loans provided under the initiative will be serviced and repaid by future profits from frozen Russian assets and will be disbursed through multiple channels to “support Ukraine’s budgetary, military and reconstruction assistance.”
On Dec. 10, the US Department of Treasury announced that Washington would disburse $20 billion as part of the initiative.