G7 leaders have made a deal to provide Ukraine with a large sum of money in the form of a loan.

The Group of Seven summit kicked off with an exciting announcement - the United States has proposed a $50 billion loan to Ukraine, with frozen Russian assets being offered as collateral. This move has been seen as a strong show of support for Kyiv, and US President Joe Biden wasted no time in highlighting the significance of this agreement. During a press conference on Thursday, Biden stated that tapping into the profits from the $422 billion in frozen assets held in Europe would greatly benefit Ukraine.

But the US President also made it clear that this move was not just about providing financial aid to Ukraine, but also about sending a strong message to Russian President Vladimir Putin. "This is yet another reminder to Putin that we are not backing down. In fact, we are standing together against his illegal aggression," Biden declared, with Ukrainian President Volodymyr Zelenskyy by his side.

The agreement was reached just hours before the Italian Premier Giorgia Meloni officially opened the summit at a luxurious resort in southern Italy. In her opening speech, Meloni emphasized the importance of dialogue with the global south and unity among the G7 nations. The G7, which includes Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States, is a key platform for discussing global issues and finding solutions.

Under the US proposal, a $75 billion loan will be provided to support Ukraine in its fight against Russia. This loan will be backed by the interest earned on profits from Russia's frozen central bank assets, most of which are held in the European Union. European Commission President Ursula von der Leyen hailed this move as a strong signal of support for Ukraine's fight for freedom. "It also sends a strong message to Putin that he cannot outlast us," she added.

Aside from this major development, there were other notable events taking place on the sidelines of the G7 summit. Biden and Zelenskyy signed a 10-year security agreement, which both leaders hailed as a milestone in their countries' relationship. However, Zelenskyy also expressed concerns about how long he could count on America's support. He urgently requested additional air defense systems to protect his country and its infrastructure from Russia's continued attacks.

Biden reassured Zelenskyy that their goal is to strengthen Ukraine's defense capabilities and deter any further aggression from Russia. With this strong show of support from the G7 nations, it is clear that Ukraine has allies who are willing to stand by them and help them in their fight for freedom and security.

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