Ukraine has received $690 million under the Extraordinary Revenue Acceleration for Ukraine (ERA) mechanism, implemented by G7 countries and financed through proceeds generated from frozen Russian assets, the Ministry of Finance announced on February 16.
Of the total amount, $544 million was provided by Japan — marking its first tranche under the mechanism — while an additional $146 million was contributed by Canada. Canada had previously disbursed significant tranches under the ERA framework — $2.5 billion and $2.3 billion — which Ukraine received in spring and summer 2025.
The funds have been allocated to the general fund of the state budget. They are intended to finance priority social expenditures, including pension payments, social programs, and housing and utilities subsidies.
Finance Minister Serhii Marchenko stated that since the start of the full-scale war, Japan has provided $9.5 billion in budget support to Ukraine, while Canada has contributed nearly $9 billion.
In total, Ukraine attracted $52.4 billion in external financing in 2025, significantly exceeding the $42 billion secured in 2024. More than 70% of these funds were sourced from proceeds generated by frozen Russian assets. According to Forbes Ukraine estimates, external financing amounted to approximately 24% of GDP — roughly in line with 2023 levels.
The primary source of funding has been G7 mechanisms under the ERA Loans program, which provided $37.9 billion. These funds are structured as contingent debt obligations, with repayment to be covered by proceeds from frozen Russian assets.
The total volume of the ERA program for 2025–2026 stands at $50 billion. The European Union’s share has already been fully disbursed at €18.1 billion, with the remaining financing expected to be mobilized in 2026.
