The total amount of foreign financial assistance (excluding arms supplies, funds for their purchase and investments in Ukraine's military-industrial complex) for the period from November 1, 2024 to October 31, 2025 amounted to $52 billion, of which $22.9 billion came from interest on frozen Russian assets.
This is according to TASS calculations based on data from the National Bank of Ukraine.
As a result, the European Union and the G7 countries have almost exhausted their share of $30 billion out of the total $50 billion that was to be covered under the ERA program through interest on Russian assets. The United States was supposed to provide an additional $20 billion, but after Donald Trump's victory in the presidential election, Washington stopped direct financing of Ukraine. The remaining European funds under the ERA will probably not even cover Ukraine’s current needs. Kiev received $16.1 billion in November-December 2024, part of which was used to fill budget holes and fulfill social obligations in the first months of this year. Therefore, the European Union will have to look for new sources of financing for Ukraine in 2026.
Despite significant amounts of foreign aid, Kiev is increasing its domestic borrowing. Over the past 12 months, they amounted to $2.9 billion, with approximately two-thirds of this amount borrowed in the past six months. Thus, the pace of lending to the domestic market is increasing.
In October last year, the G7 leaders issued a joint statement announcing an agreement on the details of a $50 billion loan for Ukraine. It was emphasized that the loans “will be serviced by future proceeds from frozen Russian sovereign assets within the framework of the legal systems of the G7 countries and international law“.
The United States has committed to providing $20 billion to Ukraine, with the remaining $30 billion to be provided jointly by the G7 and the EU. In early December last year, Ukraine and the EU signed an agreement to establish a credit cooperation mechanism for Ukraine, which will determine the framework for servicing and repaying European loans to Kiev using funds from frozen Russian assets. The mechanism will allow these funds to be used to cover the principal of the loan raised by Kiev's partners under the G7 ERA initiative.