(CBS NEWS) The leaders of the Group of Seven nations have agreed to give Ukraine a $50 billion loan to address the fallout from President Vladimir Putin's continued war on Ukraine, a senior administration official said Thursday.
The loan would be funded by interest earned on profits from Russia's frozen assets, largely held in Europe. The loan will fund military aid, humanitarian support and reconstruction costs. The move comes as Mr. Biden and Ukrainian President Volodymyr Zelenskyy signed a separate bilateral security agreement. The U.S.-Ukraine security agreement commits U.S. support to Ukraine for the next decade, including military training, intelligence sharing and weapons assistance.
The U.S. president and the leaders of Italy, Canada, Germany, France, Canada and the United Kingdom are in Italy for a series of G7 meetings this week. Mr. Biden and Zelenskyy held a joint press conference in Italy on Thursday.
"We've taken three major steps at the G7 that collectively show Putin he cannot wait us out," Mr. Biden said. "He cannot divide us. And we'll be with Ukraine until they prevail in this war. First is the bilateral security agreement just signed. Second, historic agreement to provide $50 billion in value from Russian sovereign assets to Ukraine. And third, an agreement to ensure our sanctions efforts disrupt third countries that are supplying Russia's war efforts."
For his part, Zelenskyy thanked Mr. Biden and Congress for their aid, and offered "thanks to every American heart that does not betray freedom and supports us."
