Ukrainian Finance Minister Serghei Marcenko has asked the finance ministers of the Group of Seven (G7) to make available to Ukraine the immobilized Russian banking reserves, starting from the beginning of 2026, during a meeting held on October 15 in Washington, D.C.
Approximately 300 billion dollars from the foreign exchange reserves of the Central Bank of Russia were blocked in 2022, following the outbreak of a large-scale invasion of Ukraine.
The European Commission is currently working on a “loan for repairs” initiative, which would lend Kiev 140 billion euros from these assets. According to Marcenko, Ukraine is facing a financing deficit of 60 billion dollars for the years 2026 and 2027.
He expressed his gratitude to the European Commission for the efforts made in developing the mechanism and said that the loan should be the main instrument for covering Ukraine’s financial needs during the period 2026-2027.
“It is important that this instrument be unconditional for Ukraine and flexible in determining the way of allocating funds”, as stated in a declaration of the Ministry of Finance, quoted by Kyiv Independent.
Marcenko is in Washington this week together with a Ukrainian delegation that also includes Prime Minister Iulia Svirîdenko, for high-level meetings and for the annual meeting of the World Bank and the International Monetary Fund (IMF).
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