KYIV (Realist English). Ukraine received $52 billion in external financial assistance between November 1, 2024, and October 31, 2025, excluding arms deliveries, military procurement, and defense investments, according to TASS calculations based on data from the National Bank of Ukraine.
Of this amount, $22.9 billion came from interest accrued on frozen Russian sovereign assets, a mechanism developed under the G7’s Extraordinary Revenue Acceleration (ERA) program.
G7 and EU funds nearly depleted
The European Union and G7 nations have nearly exhausted their share of $30 billion in ERA-linked financing out of the $50 billion total pledged to Ukraine. The remaining $20 billion, initially expected from the United States, has not materialized, as the Trump administration has stopped direct financial aid to Kyiv since Donald Trump’s return to the presidency.
European funds under the ERA framework may not be enough to meet Ukraine’s ongoing fiscal needs. In November–December 2024, Kyiv received $16.1 billion, a significant portion of which was used to cover budget shortfalls and social spending in early 2025. Analysts expect that by 2026, the EU will need to identify new sources of financing for Ukraine.
Rising domestic borrowing
Despite substantial foreign support, Ukraine has also increased its domestic borrowing, which totaled $2.9 billion over the past year — two-thirds of it raised in just the last six months, indicating accelerating demand for liquidity on the internal market.
The ERA mechanism
In October 2024, G7 leaders announced an agreement to provide Ukraine with a $50 billion loan, to be serviced using future profits generated by frozen Russian assets “in accordance with national legal systems and international law.” Under the plan, the United States was to contribute $20 billion, while the EU and other G7 partners would jointly supply the remaining $30 billion.
In December 2024, Ukraine and the EU signed an agreement establishing a loan cooperation mechanism, defining how the ERA funds would be managed and repaid through revenues from frozen Russian assets. The mechanism enables those proceeds to cover the principal of loans extended to Kyiv by its Western partners.
However, with Washington’s funding suspended and European reserves nearly depleted, Kyiv faces a new financial gap heading into 2026 — one that could test both the sustainability of the ERA framework and the unity of Western support for Ukraine’s war-torn economy.
