Pole vault great Sergei Bubka, who heads Ukraine's national Olympic committee, says the donation "will give our work a significant boost."
Bubka says in a statement Thursday from Kyiv that the financial support shows that Ukraine is "recognized as a full part of the European Olympic process."
The European donation comes two weeks after the International Olympic Committee gave $300,000 to help Ukrainian athletes.
Tension between Ukraine and Russia has increased since the Sochi Olympics in February. The Ukrainian government is currently battling an insurgency in eastern Ukraine by pro-Russian separatists.
A western Ukrainian city, Lviv, is among four bidders for the 2022 Winter Olympics.