Ukraine has received another €1 billion tranche of macro-financial assistance from the European Union under the G7's Extraordinary Revenue Acceleration (ERA) initiative.

Source : Ukrainian Prime Minister Yuliia Svyrydenko, as reported by European Pravda

Details : The tranche is funded by profits generated by frozen assets belonging to the Russian Central Bank.

"This is a powerful signal of Europe’s determination to strengthen Ukraine’s defence and resilience in the face of Russia's intensified missile terror and destabilisation attempts," Svyrydenko tweeted. 

Svyrydenko thanked European Commission President Ursula von der Leyen and Executive Vice-President Valdis Dombrovskis for their leadership and unwavering commitment.

"These funds mean lives protected, cities rebuilt, and Ukraine’s European future secured," she added.

The funds were provided under the ERA initiative, which supplies Kyiv with resources from profits on frozen Russian assets.

Background :

• On Wednesday 10 September, Ursula von der Leyen stressed the need to urgently develop a new mechanism for military funding for Ukraine based on proceeds from frozen Russian assets. 
• A day earlier, the Socialists and Democrats Group in the European Parliament called on the EU and the US to adopt tougher sanctions against Russia and said they support the confiscation of Russian assets.

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