The EU has disbursed $4.7 billion of the ERA loan, out of a $20 billion total signed commitment.

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Ukraine has received another €4bn ($4.7bn) as a seventh tranche from the EU under the G7-backed Extraordinary Revenue Acceleration (ERA) initiative, Ukraine’s Prime Minister Yulia Svyrydenko reported on Oct. 1.

It is another payment to Ukraine through the ERA, financed by interest income from Russian assets frozen following the country’s full-scale invasion of Ukraine. Ukraine still aims to obtain the principal €210bn ($227bn ) in immobilized Russian central bank assets.

The timing is symbolic: the transfer arrived on Ukraine’s Defenders Day.

“The tranche is secured by the proceeds from the frozen assets of the Central Bank of Russia in the European Union and is for us an important signal about the determination of Europe to strengthen the defense capability of Ukraine and to provide long-term support”, Svyrydenko wrote.

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