Report Launch: "The US$50 billion ERA Loan to Ukraine: How Russia’s Frozen Assets Were Turned into Ukraine’s Financial Bedrock"

Join us on Thursday, March 19, 2026 at 12pm Eastern. The West’s handling of Russia’s notorious frozen assets is historically unprecedented, not least due to the amount of money involved. A central challenge is how third-party states, in this case the US, Canada, Japan, the UK, and the EU, can utilize these funds without violating Russia’s sovereign immunity afforded in international law. This report examines initially the state of the frozen funds and then turns to how the G7 partners have managed to do so – namely by examining their utilization of the interest earned on Russia’s frozen assets. This underpins the Extraordinary Revenue Acceleration (ERA) loans program for Ukraine, representing the largest wartime sovereign-to-sovereign financing since World War II. The initiative channels up to US$50 billion to Ukraine, and its structure shields Ukraine from repayment liability.