The Group of 7 (G7) announced on Friday that it has finalised details on the provision of a loan of approximately $50 billion (about €47.4 billion) to Ukraine.
The loan is to be backed by interest on Russian assets frozen under Western sanctions, according to the group, which is made up of the world's most industrialised democracies.
The servicing and repayment of these loans will be ensured by future flows of extraordinary income from the immobilisation of Russian sovereign assets, in accordance with the respective legal systems of the G7 countries and international law, the G7 said in a final declaration published on Friday on the sidelines of meetings of the International Monetary Fund and World Bank in Washington.
"The loan proceeds will be disbursed through multiple channels to support Ukraine's budgetary, military and reconstruction assistance," G7 leaders added.
They aim to start releasing the funds by the end of this year.
Some €260 billion in Russian assets, such as Central Bank reserves, were frozen under sanctions imposed following Moscow's invasion of Ukraine in February 2022.
