MOSCOW, September 4. /TASS/. In August, Ukraine received more than $6 billion in foreign currency injections from its Western partners, including $4.7 billion provided under EU programs and the ERA emergency loan program from income derived from frozen Russian assets, the National Bank said.
"In August, the government's foreign currency accounts with the National Bank received $6,165,100 million," the report says.
Over $4.7 billion was allocated under an EU Ukraine Facility program and the G7 Extraordinary Revenue Acceleration for Ukraine (ERA) initiative. The World Bank transferred just over $1 billion. Government bonds raised $394.6 million.
The National Bank says that the inflow of funds allowed it to boost foreign exchange reserves by 7% to $46 billion as of August 31. Debt servicing amounted to $619.8 million last month.
Last October the Group of Seven (G7) countries agreed to loan Ukraine $50 billion to be serviced from future revenues from Russia's frozen sovereign assets under of G7 legal mechanisms and international law. The United States has committed to allocate $20 billion to Ukraine, and the remaining $30 billion will be disbursed by the G7 and the EU. Last December Ukraine and the EU created a credit cooperation mechanism setting a framework for servicing and repaying European loans to Kiev from proceeds from frozen Russian assets. The mechanism will allow using these revenues to cover the principal of the loan raised from Kiev's partners under the G7 ERA initiative.
The European Union, Canada, the United States and Japan froze about $300 billion worth of Russia's assets after the start of the special military operation. Of these, about $5-6 billion are located in the United States, while the bulk of it is in Europe, including at the Euroclear international site in Belgium, where $210 billion is stored. Russian Foreign Ministry Spokeswoman Maria Zakharova warned that Russia would respond harshly if the proceeds from Russian assets were transferred to Ukraine.