Euractiv: EU demands G7 to accelerate ERA loan for Ukraine - Japan, Britain, and the US have not yet paid their shares
Kyiv • UNN
Valdis Dombrovskis urges the US, Japan, and Britain to accelerate funding due to payment delays. Currently, only 15 out of 45 billion euros have been secured.
Brussels is urging Western partners to accelerate the disbursement of a 45 billion euro loan to Ukraine to ease the war-torn country's financial situation before funds from a larger EU program are allocated, UNN reports with reference to Euractiv.
Details
According to three officials briefed on the matter, EU Economy Commissioner Valdis Dombrovskis will urge ministers from Japan, the UK, and the US to accelerate payments under the ERA initiative during his visit to Washington this week.
The EU has already fully paid its share of the 18.1 billion euro loan, which was agreed upon by the G7 group of Western countries in 2024 and secured by immobilized assets of the Russian central bank held at Euroclear, a clearing house in Brussels.
"Approximately 7 billion euros under this initiative have not yet been provided, and Japan, the UK, and the US have not yet paid their shares," the publication writes.
Dombrovskis, who is in the US this week for the spring meetings of the International Monetary Fund and the World Bank, plans to hold meetings with G7 ministers on Wednesday and Thursday this week. He also plans to hold bilateral talks with US Treasury Secretary Scott Bessent on Wednesday and Ukrainian Finance Minister Serhiy Marchenko on Thursday.
The latest efforts come after persistent attempts by Brussels in recent months to compel other Western partners to accelerate payments under the ERA loan.
This also comes amid Hungarian Prime Minister Viktor Orbán's blocking of a separate 90 billion euro loan to Ukraine over accusations that Ukraine is deliberately delaying repairs to the Druzhba oil pipeline, which transports Russian oil to Hungary via Ukraine.
Péter Magyar, who defeated Orbán in Sunday's elections, suggested on Monday that he would lift Budapest's veto on the loan, which is backed by the bloc's long-term budget.
"However, EU officials warn that Hungary's internal politics and incomplete EU documentation mean that the loan may only be disbursed by early May," the publication states.
According to the European Commission, Ukraine's total budget and military financing needs are estimated at approximately 135 billion euros for 2026 and 2027.
"Brussels is also working to encourage other international partners, including the G7, to close 45 billion euros of this budget gap, of which only about 15 billion euros have currently been secured," the publication notes.