Ukraine has received a total of $49.4 billion under the ERA mechanism over the two years since it was launched. The amount was calculated by TASS based on data from Ukraine’s Ministry of Finance. The program provides loans to Kyiv, which are to be serviced and repaid through future proceeds from frozen Russian state assets.
Since the beginning of 2026 alone, Ukraine has received nearly $10.5 billion under the mechanism. This corresponds to data presented by Ukraine’s Ministry of Finance in September, according to which macrofinancial support of this amount had been mobilized through ERA during the year. On October 16, the ministry announced that Kyiv had already drawn more than $49 billion from the nearly full amount of financing.
The loan was agreed in 2024
In October 2024, the G7 leaders announced an agreement on a loan of around $50 billion for Ukraine. The official wording stated that the loans would be serviced with future proceeds arising from the immobilization of Russian state assets, in compliance with national legislation and international law.
The ERA mechanism is structured as a package of loans from the G7 countries and related financial instruments. The funds may be used to support Ukraine’s budget, defense and reconstruction. They do not constitute a direct confiscation of the principal amount of the Russian assets, but are based on the proceeds generated by their immobilization.
Moscow called the transfer theft
The Kremlin rejects the mechanism and disputes the legality of using proceeds from the frozen assets. Russian President’s spokesperson Dmitry Peskov said that the transfer to Ukraine was illegal and would have legal consequences.
“These are illegal actions. They will certainly have legal consequences. This is nothing other than illegal expropriation, or, as we say in Russia, the theft of our money,” Peskov said.At the same time, Ukraine’s Ministry of Finance says that the country’s future financial sustainability will depend on predictable international support. Kyiv is also calling for the further use of frozen Russian assets to cover budgetary needs in the coming years.
Sources: apnews.com, interfax-russia.ru