The US says the G7 has made very good progress on the use of Russian funds for Ukraine

Jake Sullivan / Photo EPA-EFE/AL DRAGO / POOL

The G7 has made "very good" progress on using frozen Russian funds for Ukraine and leaders hope to reach an agreement today at a summit in Italy, the White House said.

"A deal is expected when leaders, including US President Joe Biden, sit down for talks with Ukrainian President Volodymyr Zelensky," national security adviser Jake Sullivan said.

"Very good progress has been made in the discussions between the G7 delegations here to reach an agreement. "We hope that by the time the leaders meet today, we will have a shared vision," Sullivan told reporters traveling with Biden.

The deal is expected to include a $50 billion loan to Kiev secured by future interest profits on the 300 billion euros of Russian central bank assets frozen after the February 2022 invasion.

"The Italian presidency (of the Group of Seven rich nations) has done a very good job of bringing everyone to the table," Sullivan added.

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