G7 and EU have already provided Ukraine with $13.6 billion backed by frozen russian assets

During the IMF and World Bank Spring Meetings, Minister of Finance of Ukraine Sergii Marchenko held a series of bilateral meetings with finance ministers of the G7 countries.

In particular, meetings took place with US Secretary of the Treasury Scott Bessent, Canada’s Minister of Finance François-Philippe Champagne, Japan’s Minister of Finance Katsunobu Kato, Germany’s State Secretary Jörg Kukies, France’s Minister of the Economy, Finance and Industry Eric Lombard, and UK Chancellor of the Exchequer Rachel Reeves.

The key topics included securing funding to meet Ukraine’s State Budget needs and leveraging frozen Russian assets in support of Ukraine.

“Assistance from G7 and EU countries remains a critically important pillar of Ukraine’s budget support. Since the beginning of the full-scale invasion, external financing has exceeded USD 132 billion. This is a substantial contribution to maintaining Ukraine’s financial resilience amid the war. Moreover, partner support extends beyond budgetary assistance – it also includes significant military and humanitarian aid, as well as sanctions pressure on the aggressor state,” said Sergii Marchenko.

The Minister separately thanked Canada, which holds the G7 Presidency in 2025, for its consistent support of the Ukrainian agenda on the international stage.

On April 23, within the framework of the Spring Meetings, Sergii Marchenko delivered a speech at the G7 Finance Track meeting.

During the meetings, the Minister briefed international partners on the state of Ukraine’s financial system, key priorities for the 2025 State Budget, and the country’s external financing needs for the current and upcoming year:

“In the first quarter of 2025, domestic revenues exceeded the planned target and rose by USD 1 billion compared to the same period in 2024. Demand for domestic government bonds remains strong, reflecting growing confidence among citizens and businesses. Since the beginning of the year, external financing has already reached USD 16.8 billion, which enables us to maintain budget liquidity and financial system stability,” Sergii Marchenko emphasized.

He also noted that Ukraine’s total need for international financial assistance in 2025 amounts to USD 39.3 billion, and partners have already provided the necessary assurances regarding this support.

In this context, the parties discussed the implementation of the Extraordinary Revenue Acceleration for Ukraine (ERA) mechanism initiated by the G7, with a total volume of USD 50 billion. As of now, USD 13.6 billion has already been disbursed to Ukraine’s State Budget under this instrument.

“This is a historic decision that restores justice by enabling Ukraine to meet its needs through the assets of the aggressor. Thanks to the ERA mechanism, we have predictability in financing key budget expenditures for 2025 – including social programs and recovery efforts. A portion of these funds, particularly from the UK and the EU, may also be directed to military needs,” Marchenko noted.

It is worth recalling that in 2025, more than USD 49 billion – or 26.3% of GDP – is allocated to the security and defense sector.

During the meetings, the parties also discussed possible ways to fully confiscate all frozen russian assets to finance Ukraine’s reconstruction.

G7 partners commended the Ukrainian Government’s efforts to adapt the financial system to wartime conditions and reaffirmed their continued comprehensive support.