Sergii Marchenko, on the sidelines of the G7 Meeting in Canada, discussed future support for Ukraine with Finance Ministers of Canada and Germany

Ukraine’s Minister of Finance Sergii Marchenko met with Canada’s Minister of Finance Francois-Philippe Champagne and Germany’s Vice Chancellor and Minister of Finance Lars Klingbeil during a working visit to Canada.

The ministers discussed the state of Ukraine’s economy, the impact of the full-scale war on public finances, the need for budgetary support in 2026, and future cooperation.

Sergii Marchenko thanked his colleagues for their unwavering solidarity with Ukraine and the financial assistance their countries have provided since the start of russia’s full-scale invasion.

“Over the past three years, Ukraine has received more than USD 133 billion in international financial assistance. This has allowed the Government to maintain macro-financial stability amid full-scale war, and to ensure salary payments for teachers, healthcare workers, civil servants, pensions, and social assistance to the most vulnerable. Financial challenges persist, making continued external support crucial. That’s why we must already be working on a reliable system to secure next year’s budget needs,” said Sergii Marchenko.

Canada and Germany have been among Ukraine’s leading supporters since the outset of the war, providing assistance across all available areas. Since February 2022, direct budgetary support from Germany has reached USD 1.7 billion and from Canada - USD 7.1 billion.

According to the Kiel Institute for the World Economy, Germany ranks second globally in terms of total support provided to Ukraine since the start of russia’s full-scale invasion, with EUR 17.3 billion. Canada ranks fifth globally, providing 10.3 billion.

Sergii Marchenko noted that, thanks to the joint efforts of the Government of Ukraine and international partners, the country’s 2024 external financing needs - totaling USD 39.3 billion - are fully secured.

He expressed gratitude to the German Government for its support of the EU’s Ukraine Facility financial instrument for 2024–2027, totaling EUR 50 billion. Budgetary support under this initiative is expected to reach EUR 12.5 billion by the end of 2025, with EUR 3.5 billion already disbursed.

Minister of Finance of Ukraine also highlighted the support of the Canadian and German Governments for the G7’s Extraordinary Revenue Acceleration (ERA) for Ukraine initiative, which amounts to USD 50 billion. Canada’s contribution is CAD 5 billion (approximately USD 3.4 billion), while the EU’s contribution totals EUR 18.1 billion (about USD 20 billion).

Ukraine has already received a first tranche from Canada worth CAD 2.5 billion and four tranches from the EU amounting EUR 6 billion. In total, under the G7 ERA initiative, Ukraine has received around USD 14.7 billion from its partners. These funds are enabling priority State Budget expenditures to be covered from the profits of frozen russian assets.

The parties also discussed the potential for the future confiscation of all frozen sovereign russian assets.

In turn, the Finance Ministers of Canada and Germany reaffirmed their Governments’ commitment to providing comprehensive support for Ukraine. The parties agreed on the need to maintain a systematic dialogue with Ukraine. Their countries share a common goal: to achieve a just and lasting peace for Ukraine as soon as possible.