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

Canada has transferred $1.7 billion (2.3 billion Canadian dollars) to Ukraine as part of the Extraordinary Revenue Acceleration program. The funds come from revenues generated by frozen Russian assets, Prime Minister Denys Shmyhal said, according to Radio Free Europe/Radio Liberty.

“Together with our partners, we are making Russia pay for the crimes and destruction it has caused,” Shmyhal said.

Ukraine has received about $17.6 billion from frozen Russian assets since the beginning of the year, including this latest installment, he said.

“I am grateful to Canada and everyone involved in this program,” Shmyhal said.

Kyiv insists on the full confiscation of Russia’s frozen assets to mostly use for reconstruction efforts. These resources are also needed to compensate victims of the aggression and to rebuild Ukraine.

“This will also serve as an act of justice and a deterrent against future aggressive wars,” the prime minister said.

As reported earlier, the United Kingdom will soon deliver its first military aid package to Ukraine, funded by interest earned from frozen Russian assets.