Ukraine gets 3 bln euros backed by frozen Russian assets

KIEV, Jan. 10 (Xinhua) -- Ukraine's Finance Ministry announced on Friday that it has secured 3 billion euros (about 3.09 billion U.S. dollars) from the European Union (EU) backed by the revenues of the frozen Russian assets.

The funds are part of the EU's contribution to the Group of Seven (G7) Extraordinary Revenue Acceleration for Ukraine (ERA) initiative, according to a statement on the ministry's website.

The money will be used to finance the priority budget expenditures in social and military sectors, support macroeconomic stability, and restore critical infrastructure, said Finance Minister Sergii Marchenko.

Since February 2022, financial institutions of the EU member states have immobilized assets of the Central Bank of Russia worth approximately 210 billion euros (about 216 billion dollars).

The G7 ERA initiative envisages 50 billion dollars in support for Ukraine secured using proceeds from frozen Russian assets.

Last month, Ukraine received 1 billion U.S. dollars from the U.S. under the initiative.