G7 agrees $50bn loan for Ukraine from Russian assets

The G7 has agreed to use frozen Russian assets to raise $50 billion for Ukraine, supporting its war effort and economy.

The funds will come from the $325 billion in frozen Russian assets, generating $3 billion in annual interest to cover the loan.

US President Joe Biden and Ukrainian President Volodymyr Zelensky also signed a 10-year bilateral security deal, providing military aid but not committing US troops. The aid is expected to arrive by year-end. Russia has threatened "extremely painful" retaliation.

The deal is seen as symbolic, marking a turning point, though it won't immediately impact the war.