G7 leaders have finalized details surrounding a $50 billion loan to aid Kyiv, backed by profits from Russian sovereign assets frozen after its invasion of Ukraine, according to a statement released Friday.
Leaders of the Group of Seven wealthy democracies said they 鈥榟ave reached a consensus on how to deliver鈥� the loans of approximately $50 billion, with an aim to start disbursing funds by the end of this year.
Their announcement came as world financial leaders gathered in Washington this week for meetings hosted by the International Monetary Fund and World Bank.
Finance ministers have 鈥榓greed on a technical solution ensuring consistency, coordination, fair distribution of lending, and solidarity among all G7 partners,鈥� the statement said.
They called on Moscow to end its war and pay for damage caused to Ukraine.
This week, US president Joe Biden said that as part of the G7 package, the United States would provide $20 billion in loans to Ukraine, to be paid back by the interest earned from immobilized Russian sovereign assets.
US treasury secretary Janet Yellen signed a statement Wednesday with her Ukrainian counterpart Sergii Marchenko marking their intent to enter into the loan.
The move also committed that new United States or Ukrainian tax dollars would not be the source of repayment.
Economic concerns remain top-of-mind for US voters, with just over a week to go before the country鈥檚 presidential election on November 5.
Washington aims to provide at least $10 billion of the loans for economic support, with the other half expected to take the form of military aid.
But this will require additional authorization from Congress.
The remaining $30 billion in loans is set to come from a combination of G7 partners, including the European Union, United Kingdom, Canada and Japan, US officials said.
The EU, which has frozen roughly $235 billion of Russian central bank funds -- the vast bulk of immobilised Russian assets worldwide -- said it would contribute approximately $18 billion ($19.4 billion).
Russian missile strikes killed five people including a child in the Ukrainian city of Dnipro last night, while a teenager and another person died in attacks on Kyiv and the surrounding region, officials said Saturday.
The strikes came less than 48 hours after Russia finished hosting a three-day summit of the BRICS group of emerging economies in the city of Kazan, where President Vladimir Putin faced calls from world leaders to end the conflict.
The strikes on Dnipro late Friday killed five people and damaged multiple buildings including a hospital, authorities said.
More than a dozen other people were wounded in the city, including children, Dnipropetrovsk region governor Sergiy Lysak said on Telegram.
Separate night attacks on the capital Kyiv and surrounding region left two people dead, including a teenage girl who was killed in a drone strike on an apartment building, according to regional authorities.
The Russian military said on Saturday it had captured the frontline village of Oleksandropol in Ukraine鈥檚 eastern Donetsk region, where it has made a string of advances in recent months.