The White House said Wednesday that Group of Seven allies are moving forward with providing Ukraine with $50 billion in loans for Ukraine backed by frozen Russian assets. Leaders of the wealthy democracies agreed earlier this year to engineer the mammoth loan to help Ukraine in its fight for survival after Russia's invasion.

U.S. Treasury Secretary Janet Yellen said on Tuesday that G7 and European Union allies are "very close" to finalizing a $50 billion loan to Ukraine backed by frozen Russian assets, with an expected U.

US Treasury Secretary Janet Yellen stated on Tuesday that the United States is "very close" to finalising the allocation of US$20 billion as part of the G7 credit package for Ukraine, which will be funded through revenues from frozen Russian assets.