Kananaskis (Canada), June 18 (UNI) The 51st G-7 Summit concluded here on Wednesday with Canadian Prime Minister Mark Carney announcing additional two billion US Dollars in military assistance to Ukraine this year and disbursement of a 2.3 billion Dollar loan through the G7Extraordinary Revenue Acceleration (ERA) Loans mechanism.
The Canadian Prime Minister also announced sanctions on individuals, entities and vessels that continue to support Russia. Additional 57.4 million Dollars will be given to Ukraine in security-related assistance, the Canadian Prime Minister's Office said.
Last year at the G7 Summit in Apulia, Italy, Canada announced a 5 billion US Dollar contribution towards the ERA Loans mechanism. Through this mechanism the G7 is providing finance to Ukraine that will be serviced and repaid by future flows of extraordinary revenues stemming from the immobilization of Russian sovereign assets held in the European Union and other jurisdictions.
With contributions from G7 partners, the ERA Loans aim to make approximately 50 billion US Dollars in additional funding available to Ukraine.
Canada disbursed the first tranche of its contribution, totaling 2.5 billion Dollars, in March 2025. The second tranche, totalling 2.3 billion Dollars, will be disbursed imminently via the International Monetary Fund (IMF) Administered Account for Ukraine.
In Canada, Russian sovereign assets have been immobilized as required by the Special Economic Measures Act.
“In Kananaskis, Canada’s Presidency showed that we’re ready to create new international partnerships, deepen alliances, and lead member nations into a new era of global co-operation. Canada has the resources the world wants and the values to which others aspire. Canada is meeting this moment with purpose and strength,” he said.
He said in an increasingly dangerous and divided world, co-operation with reliable partners is more important than ever. With G7 partners, Canada will build a new era of collaboration – one rooted in mutual support and resilient partnerships. Canada is ready to lead.
He also announced several other steps including securing critical minerals supply chains, adopting, powering and sharing artificial intelligence (AI), collaborating on quantum innovation, preventing, fighting and recovering from wildfires, countering foreign interference including transnational repression and fighting transnational crime like migrant smuggling.
Referring to cross-border threats, he said while threats cross borders, so do partnerships and opportunities. 'In these areas of common interest, Canada is leading G7 co-operation to deliver stability, security, and prosperity.'
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