The Japanese government is set to allocate approximately 520 billion yen, equivalent to $3.3 billion, to Ukraine, utilizing the income generated from immobilized Russian assets, as reported by Kyodo News Agency.
Currently, the Japanese government is developing a mechanism to facilitate the transfer of these funds. The process is expected to be finalized by the end of the year, enabling the effective disbursement of the allocated amount.
This allocation represents 6% of the total aid previously pledged to Ukraine by the Group of Seven (G7) nations. The funds are earmarked for non-military purposes, specifically for the reconstruction and repair of Ukraine’s infrastructure, according to Kyodo.
On June 13, during a summit in Italy, G7 leaders agreed to allocate $50 billion to Ukraine from the profits generated by frozen Russian assets by the end of 2024. This collective effort is aimed at supporting Ukraine amidst its ongoing challenges.
Following the onset of Russia's special military operation, the European Union, Canada, the United States, and Japan collectively froze Russian assets amounting to approximately $300 billion.
Of this, around $5-6 billion is located in the United States, with the majority held in Europe, including $210 billion stored at the international Euroclear site in Belgium.
Russian Foreign Ministry Spokeswoman Maria Zakharova has stated that Moscow will respond immediately to any confiscation of its assets in the West.
She has described the West's intentions to use proceeds from frozen Russian assets to benefit Ukraine as both cynical and criminal.
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