**Ukraine Receives Additional $1.1 Billion in Aid from European Union**
In a significant boost to its economy, Ukraine has received another 1 billion euros ($1.1 billion) in macro-financial assistance from the European Union. This is the fifth tranche of aid under the EU’s ERA (Extraordinary Revenue Acceleration) initiative, which was launched by the G7 and backed by the US.
According to Ukrainian Prime Minister Denys Shmyhal, the funds will be directed towards key expenditures in the state budget. This support is particularly crucial for Ukraine as it continues to face significant economic challenges due to Russia’s ongoing invasion. In total, Ukraine has now received 7 billion euros ($8 billion) from the European Union under the ERA initiative.
**How It Works**
The ERA mechanism is designed to provide financial assistance to Ukraine through loans that will be repaid using future income generated from frozen Russian assets. Since Russia’s full-scale invasion in 2022, G7 countries have frozen around $300 billion in Russian sovereign assets. The idea behind ERA is to use this frozen wealth to support Ukraine’s economy and help the country recover from the devastating effects of war.
**A Message of Gratitude**
Prime Minister Shmyhal expressed his gratitude to Ukraine’s partners for their “consistent and reliable support.” He also made a bold statement, saying that together with its allies, Ukraine will make Russia pay for all the damage caused to the country. This sentiment reflects the determination and resilience of the Ukrainian people in the face of adversity.
**The Importance of Independent Journalism**
As Ukraine continues to navigate this challenging period, it’s essential to have reliable sources of information. The Kyiv Independent, a leading news outlet, has been providing accurate and unbiased reporting on the situation. They rely on donations from readers to maintain their independence and continue delivering critical coverage.
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