WATCH LIVE: President Biden and Volodymyr Zelensky speak as G7 leaders agree to give Ukraine $50 billion loan

The leaders of the Group of Seven agreed to grant Ukraine a loan worth $50 billion to address the repercussions of the ongoing war waged by President Vladimir Putin against Ukraine, a senior US administration official announced Thursday.

The loan will be financed from interest earned on profits from frozen Russian assets, largely held in Europe. The loan will finance military aid, humanitarian support and reconstruction costs. This move comes as Biden prepares to sign a separate security agreement with Ukrainian President Volodymyr Zelensky. Mr. Biden 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 Zelensky will hold a joint press conference in Italy on Thursday. The US-Ukraine security agreement commits US support to Ukraine over the next decade, including military training, intelligence sharing, and weapons assistance.

The agreement fulfills a pledge last year to strengthen Ukrainian security and is intended to be a bridge to eventually inviting Ukraine to join NATO. The president’s press conference with Zelensky comes after a day of meetings with Italian Prime Minister Giorgia Meloni and leaders of other G7 countries with advanced industrial economies.

“By signing this, we will also be sending a signal to Russia about our resolve,” White House National Security Advisor Jake Sullivan told reporters on Wednesday. He added: “If Vladimir Putin believes that he can survive the coalition that supports Ukraine, he is mistaken.”

European Council President Charles Michel, German Chancellor Olaf Scholz, Canadian Prime Minister Justin Trudeau, French President Emmanuel Macron, Italian Prime Minister Giorgia Meloni, US President Joe Biden, Japanese Prime Minister Fumio Kishida, British Prime Minister Rishi Sunak, and European Commission President Ursula von . der Leyen takes a family photo during a welcoming ceremony on the first day of the 50th G7 Summit in Borgo Egnazia on June 13, 2024 in Fasano, Italy.

Antonio Masiello/Getty Images

As Biden was leaving the United States for Italy, the Treasury and Commerce Departments announced a new round of sanctions targeting Russia and its “war machine.” The latest sanctions aim to slow Russia’s military growth as it continues its war in Ukraine. The sanctions will make it difficult for Russia to import supplies needed to build military equipment, although they will still allow food and goods into Russia outside those sectors.

More than a dozen other countries have similar security agreements with Ukraine.

The Biden administration is Allow now to Ukraine to use US weapons across the border into Russia near the city of Kharkiv, a policy change that Sullivan said came as Russia opened a new front in its war.

“We think our position here is clear and straightforward,” Sullivan said. “The Russians are launching attacks from one side of the border right on the other side of the border. Ukraine must be able to respond across that border.”

Biden and Zelensky also met last week, on the sidelines of D-Day commemoration events in France. Afterwards, Biden publicly apologized to Zelensky for the months-long suspension of military aid, which allowed Russia to make gains in its war.

“You didn’t bend, you didn’t give up at all.” Mr. Biden told Zelensky in France. “You continue to fight in a wonderful and wonderful way. We will not turn away from you.”

Corey Rangel contributed to this report

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