October 28, 2024. OTTAWA, ON. Alexandra Chyczij, National President of the Ukrainian Canadian Congress (UCC) issued the following statement in response to the October 25 announcement that G7 Finance Ministers reached final agreement on the Extraordinary Revenue Acceleration Loan Initiative for Ukraine:
The Ukrainian Canadian Congress (UCC) is grateful to the G7 countries (Canada, France, Germany, Japan, Italy, United Kingdom, United States) for establishing the Extraordinary Revenue Acceleration Loan Initiative for Ukraine (ERA). The ERA will free up $50 billion for loans to support Ukraine, and the loans will be repaid by revenue from frozen Russian assets.
Russia must pay for the devastation it has wrought on Ukraine. Russia is establishing a new Axis of Evil with fellow despotic regimes of North Korea and Iran. The West must step up support for Ukraine’s heroic defence of the freedom of Europe and the values the democratic world shares.
The North Korean army is being deployed to Russia’s war. Iranian drones bomb Ukrainian civilians. Ukraine is the frontline of the battle between democracy and tyranny. For democracy to prevail, Ukraine must win. For tyranny to be defeated, Russia must lose.
The Free World has at its disposal the economic and military might to accelerate Ukrainian Victory. Let us unite and do all we can to ensure that Ukraine wins as quickly as possible.
NOTE: The ERA agreed upon by the G7 will provide $50 billion US for the benefit of Ukraine, with the principal and interest being repaid by revenue from frozen Russian assets. The bilateral loans will be disbursed to the benefit of Ukraine between 1 December 2024 and 31 December 2027. For the press release from G7 Finance Ministers please see here:
G7 Finance Ministers’ Statement on Extraordinary Revenue Acceleration (ERA) Loan Initiative
