Ukraine approves agreement with Japan to access $3B from frozen Russian assets

Prime Minister Denys Shmyhal announced the decision on Telegram, Ukrinform reports.

"The government has approved an agreement with Japan that will provide about $3 billion under the ERA initiative," Shmyhal wrote.

He explained that these funds, sourced from frozen Russian assets, will be allocated to priority budget expenditures, reconstruction, and the development of Ukraine. According to Shmyhal, Ukraine aims to raise a total of $50 billion through this mechanism.

"We are grateful to our partners from the G7 and the EU for creating an instrument that ensures Russia pays for the damage it has caused. We expect all immobilized assets of the aggressor to be confiscated and used to rebuild Ukraine," he added.

As reported by Ukrinform, in April, the European Union transferred EUR 1 billion to Ukraine as part of the ERA initiative.

Photo credit: Denys Shmyhal, Telegram