Latest news with #MasashiNakagome
Express Tribune
19-04-2025
- Business
- Express Tribune
Japan grants $3 billion loan to Ukraine using profits from frozen Russian assets
Listen to article Japan has pledged approximately $3 billion in financial support to Ukraine through the G7's innovative ERA (Extraordinary Revenue Acceleration) mechanism, which utilises profits from frozen Russian sovereign assets. The announcement was made by Ukraine's Ministry of Finance following an agreement signed between Ukrainian Finance Minister Serhii Marchenko and Japan's Ambassador to Ukraine, Masashi Nakagome. The loan will be repaid using future revenue generated from immobilized Russian assets seized by G7 nations following Russia's 2022 full-scale invasion of Ukraine. The financial support is structured over a 30-year term and will contribute to Ukraine's urgent budgetary needs as well as long-term reconstruction and development efforts. 'This agreement not only meets critical fiscal demands but also underscores Japan's steadfast commitment to democratic values and support for Ukraine,' Marchenko said. Japan has so far extended over $8.5 billion in aid to Ukraine since the start of the war. This latest move follows a July 2024 agreement by G7 and EU leaders to allocate $50 billion to Ukraine, to be financed by interest accrued on roughly €280 billion ($318 billion) in frozen Russian assets globally—most of which are held in the European Union. The bulk of these funds, approximately €191 billion ($217 billion), are managed by Belgium-based Euroclear, which generated nearly €4.4 billion ($4.8 billion) in profits from these assets in 2023, according to the Financial Times. The US., EU, and UK are also contributing to the broader G7 plan, with the United States previously announcing a $20 billion loan, the EU up to $35 billion, and the UK nearly $3 billion. The agreement highlights continued G7 coordination in sustaining Ukraine's economy while increasing pressure on Russia through strategic asset immobilization.
Yahoo
18-04-2025
- Business
- Yahoo
Japan signs deal on $3 billion for Ukraine under G7 loan
Japan signed an agreement with Ukraine on April 18 to provide the country with a loan of 471.9 billion Japanese yen ($3 billion) covered by Russian assets. The sum comes as part of the G7's Extraordinary Revenue Acceleration for Ukraine (ERA) program, which aims to provide Kyiv with $50 billion for reconstruction and defense needs. The loan will be repaid by proceeds from some $300 billion in Russian sovereign assets immobilized on G7 members' accounts. "Japan is a shining example of international solidarity, having become one of Ukraine's leading partners in our struggle for freedom and dignity," Ukraine's Finance Minister Serhii Marchenko said after signing the agreement with Japan's ambassador to Kyiv, Masashi Nakagome. "The signing of today's Agreement will not only help meet our urgent budgetary needs, but will also be another confirmation of Japan's sincere commitment to the common values that unite our countries." Japan's funds will be disbursed over 30 years and directed toward budgetary needs and to support reconstruction and development. The G7's loan is mostly shouldered by the EU and the U.S., with each providing roughly $20 billion. Japan, the U.K., and Canada provide the rest of the funds. Japan has supported Ukraine since the start of Russia's full-scale war, transferring budget support of over $8.5 billion. Read also: Ukraine-US minerals deal to respect EU entry efforts; talks to conclude on April 26, memorandum says We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
