On the first day of the Group of Seven summit in Italy, leaders of the seven biggest democracies—the US, the UK, France, Germany, Italy, Canada and Japan—agreed to provide Ukraine with a $50 billion loan for weapons and infrastructure amid its conflict with Russia.
The loan will use interest from $300 billion in frozen Russian assets. Funding details, including risk-sharing between the US and Europe, are still being finalized.
Biden also signed a 10-year security agreement with Ukrainian President Volodymyr Zelensky, aiming to enhance Ukraine’s self-defense and move towards NATO membership.
Additionally, the Biden administration also imposed new sanctions to hinder China-Russia tech ties benefitting the Russian military.
The G7 leaders will also discuss migration and AI during the summit, with Pope Francis set to address the latter on Friday.