Ukraine receives $1.7 billion from Canada in first transfer of Russian frozen asset revenues

Ukraine has received approximately $1.7 billion (CAD 2.3 billion) from Canada, marking the first major disbursement funded by revenues from frozen Russian assets. The announcement was made by Ukrainian Prime Minister Denys Shmyhal, who thanked Canada and its partners for the contribution.

“Together with our partners, we are forcing Russia to pay for its crimes and destruction,” Shmyhal wrote on social media. “We insist on the full confiscation of frozen Russian assets. They are needed to compensate the victims of aggression and rebuild our state.”

The funds were transferred under the Extraordinary Revenue Acceleration (ERA) initiative, aimed at holding Russia financially accountable for its full-scale invasion of Ukraine. According to Shmyhal, Ukraine has received a total of $17.6 billion from frozen Russian assets since the beginning of the year.

In parallel, media reports indicate that the United Kingdom is preparing its first military aid package for Ukraine financed directly from revenues tied to frozen Russian assets, signaling a growing trend among Kyiv’s Western allies.

Ukrainian Foreign Minister Andriy Sybiha also called on international partners to use frozen Russian funds to purchase weapons for Ukraine and finance its post-war reconstruction.