g7 allies approve 50 billion loan for ukraine using frozen russian assets

G7 leaders have agreed to provide a loan of $50 billion to Ukraine, using interest from frozen Russian central bank assets as collateral.

This move is significant as it is the first time that a group of countries has frozen an aggressor's assets to support a victim state.

Daleep Singh, the White House deputy national security adviser on international economics, stated that the U.S. funding will be divided between economic and military assistance for Ukraine, pending approval from Congress for military aid.

However, the Biden administration is committed to providing the full $20 billion to help Ukraine in its ongoing struggle against Russian aggression.

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