EU provides Ukraine with €1 billion from frozen Russian assets

Ukraine has received another tranche of €1 billion from the European Union under the G7 ERA initiative. This is the fourth payment financed by proceeds from Russia's frozen assets.

This is stated in a press release published on the European Commission's website.

What is known about the fourth tranche from the EU

"In total, the MFA amounts to €18.1 billion and represents the EU's contribution to the G7-led Extraordinary Revenue Acceleration (ERA) loans initiative, which collectively aims to provide approximately €45 billion in financial support to Ukraine," the statement reads.

According to Prime Minister of Ukraine Denys Shmyhal, the government will use the funds to cover critical budget expenditures and strengthen the state.

"This tranche is part of a fair and consistent approach: the aggressor must pay for the destruction it has brought to our country," the prime minister stressed.

He added that Kyiv expects the "next step" from its partners — the complete confiscation of Russian assets and tougher sanctions against Russia.

As a reminder, the new Chancellor of Germany, Friedrich Merz, stated on Wednesday, May 7, that he plans to visit Ukraine shortly.

The Vice President of the United States, JD Vance, has made the new statement regarding the establishment of peace in Ukraine. In his opinion, Russia is making excessive demands for a ceasefire.