G7 leaders agree to lend Ukraine billions backed by Russia's frozen assets. Here's how it will work

The leaders of the Group of Seven wealthy democracies have agreed to set in motion a $50 billion loan to help Ukraine. Interest earned on profits from Russia’s frozen central bank assets would be used as collateral. Details of the deal are being hashed out by G7 leaders at their summit in Italy. The money could reach Kyiv before the end of the year. The plan is to use profits from Russia’s roughly $260 billion in frozen central bank assets as collateral. President Joe Biden said the move was part of a “historic agreement.” Ukraine’s president, Volodymyr Zelenskyy, called it "a vital step forward in providing sustainable support for Ukraine in winning this war.”