Canada’s contribution to G7 Extraordinary Revenue Acceleration Loans for Ukraine
Funding: $5 billion
Within the G7, all countries have agreed that Russian sovereign assets will remain immobilized in their jurisdictions until Russia pays for the damage it continues to inflict on Ukraine. At the G7 Summit in Apulia, Italy, the G7 reached consensus to launch G7 Extraordinary Revenue Acceleration (ERA) Loans for Ukraine in order to make approximately US$50 billion in additional funding available to Ukraine by the end of the year. The G7 intends to provide financing that will be serviced and repaid by future flows of extraordinary revenues stemming from the immobilization of Russian sovereign assets held in the European Union and other jurisdictions.
In Canada, Russian sovereign assets have been immobilized as required by the Special Economic Measures Act.
This funding would support Ukraine in the face of ongoing Russian aggression.