G7 leaders agree to lend Ukraine billions backed by Russia’s frozen assets [Video]

WASHINGTON –

Leaders of the Group of Seven wealthy democracies have agreed to engineer a $50 billion loan to help Ukraine in its fight for survival. Interest earned on profits from Russia’s frozen central bank assets would be used as collateral.

Details of the deal were being hashed out by G7 leaders at their summit in Italy. The money could reach Kyiv before the end of the year, according to U.S. and French officials.

President Joe Biden told reporters at a news conference Thursday that the move was part of a “historic agreement.” Ukraine’s president, Volodymyr Zelenskyy, said providing a loan through Russia’s assets “is a vital step forward in providing sustainable support for Ukraine in winning this war.”