Canada will provide Ukraine with CAD 5 billion (about $3.7 billion) at the expense of frozen Russian assets within the G7 initiative "Extraordinary Revenue Acceleration (ERA) for Ukraine."

"Canada was the first country to advocate the use of these funds to support Ukraine. Together, we have done a lot to make russia pay," Ukrainian Prime Minister Denys Shmyhal said on the X social network on Monday.

He thanked Canadian Prime Minister Justin Trudeau, Deputy Prime Minister and Minister of Finance Chrystia Freeland and the Canadian people for their continued and unconditional support for Ukraine.

Back in June, immediately after the G7 decision at the summit in Italy on the ERA initiative for a total of $50 billion, Canada announced the allocation of CAD 5 billion within its framework.

After the G7 announced on October 25 in Washington that they had reached a consensus on collectively providing Ukraine with loans in the amount of $50 billion within the ERA, Freeland confirmed that Canada confirms the allocation of CAD 5 billion

"Canada was the first country to advocate for using these assets to support Ukraine, and we are proud to be providing the largest per capita," the Deputy Prime Minister and Minister of Finance said.

By now, all countries have announced the size of their contributions: the United States of $20 billion, the EU of EUR 18.115 billion (about $20 billion), Japan of JPY 471.9 billion (about $3.1 billion), the UK of GBP 2.26 billion (almost $3 billion at the current exchange rate).

The European Commission said the establishment of a special EU Ukraine Loan Cooperation Mechanism (ULCM), which will receive emergency revenues from frozen Russian sovereign assets and other voluntary contributions made by member states or third countries, contributed to reaching a consensus among G7 members. These resources will then be used to repay the principal and interest on the relevant bilateral loan agreements between Ukraine and creditors.

The IMF, in its updated Extended Fund Facility (EFF) program following the fifth review, indicated that if the war ends at the end of 2025, Ukraine will need $33.1 billion out of the specified $50 billion to support the budget: $19.1 billion next year, $9.2 billion in 2026, and $4.9 billion in 2027.

In the negative scenario of the war being extended until the middle of 2026, Ukraine's budget will need all $50 billion to cover the deficit.