G7 Countries Unite for $50 Billion Ukraine Loan Package

All G7 countries will contribute to a $50 billion loan package for Ukraine, funded by proceeds from immobilised Russian assets in Europe. European Commission President Ursula von der Leyen confirmed this at a G7 summit in Italy, noting that finance ministers are finalizing the details.

All G7 countries will contribute to a loan package worth some $50 billion to Ukraine backed by proceeds from immobilised Russian assets, European Commission President Ursula von der Leyen said on Thursday.

"All G7 are contributing to this loan. It is the windfall profits from the Russian immobilised assets in Europe that will serve it," von der Leyen told reporters on the sidelines of a G7 summit in southern Italy that agreed the plan.

"The finance ministers are now going through the details - for example, the topic of backstops that are necessary - and (will) clarify this as soon as possible."