In Italy, G7 member countries have agreed to lend Ukraine 50 billion dollars using money generated from frozen Russian assets.

Ukraine is to use the loan package to strengthen its military defence against Russia, pay for the reconstruction of infrastructure, and fund Ukraine’s state budget.

The US government said, that around 280 billion dollars of Russian central bank money has been immobilised in Western countries due to sanctions imposed.

The bulk of the money is within the European Union. The bloc’s member states recently approved the use of interest income generated from Russian state assets to finance aid for Ukraine.

The Brussels-based financial institution Euroclear recently said that it had collected around 4.7 billion dollars in interest in 2023.