The European Union has received €1.6 billion of Russia's frozen assets, allocating 95% to repay Ukraine's loans.

The EU recently received a third tranche of €1.6 billion from the profits generated by the frozen assets of Russia's central bank. Of this amount, 95% will go to Ukraine under the G7's Extraordinary Revenue Acceleration (ERA) mechanism, which envisages total loans of 50 billion dollars for Ukraine. The change in the allocation strategy involves using most of the funds through the Ukraine Loan Cooperation Mechanism (ULCM). Since the start of the invasion, the G7 has frozen some $300bn in Russian assets, with the EU contributing €18.1bn to the initiative.