Ukraine has received 500 million euros (about $512 million) as the first tranche of financial assistance from the European Union (EU), Ukrainian Prime Minister Denys Shmyhal said on Monday.

"We are grateful to the European Union for such a contribution. It is a significant investment in our common economic and financial stability and secure future," Shmyhal wrote on Telegram.

He said that his country will get another tranche of aid worth 500 million euros on Tuesday.

Last month, the finance ministers of the EU member states approved aid worth 1 billion euros (about $1.02 billion) for Ukraine to help the country maintain financial stability amid the conflict with Russia.

The funds would help Ukraine to cover its priority budgetary needs, Shmyhal said.

In May, the European Commission proposed to allocate 9 billion euros (about $9.2 billion) in assistance for Ukraine this year.