Ukraine has received the first tranche of €3 billion from the amount allocated by the European Union for a joint loan from the G7 to Ukraine, which will be repaid using proceeds from frozen Russian assets.

Ukraine on Friday received €3 billion ($3.1 billion) from the European Commission as part of a major aid package pledged by the Group of Seven (G7) leading economies. The G7 and the European Union aim to provide Ukraine with a loan of $50 billion,

Ukraine received its first 3 billion euro ($3.09 billion) tranche of the European Union's portion of a loan agreed by the Group of Seven members and backed by the earnings from frozen Russian sovereign assets,

Ukraine's state budget has received 3 billion euros from the European Union as part of the G7 initiative ERA. In total, the EU will provide 18 billion euros, according to Prime Minister Denys Shmyhal.

"This is the first tranche of funds from the European Union, secured through income from frozen Russian assets," Prime Minister Denys Shmyhal said.