Negotiators for the Group of Seven have reached an agreement on how to provide Ukraine with USD 50 billion backed by frozen Russian assets, two people familiar with the matter said, with an announcement set later this week when President Joe Biden and the group`s other leaders meet in southern Italy.

The international group of wealthy democracies has been discussing ways of using the more than USD 260 billion in Russian assets frozen outside the country after the February 24, 2022, invasion of Ukraine to help Kyiv.

European officials have resisted confiscating the assets, citing legal and financial stability concerns ` most of the frozen assets are located in Europe ` but the plan would use the interest earned on the assets to help Ukraine`s war effort. The two people spoke on the condition of anonymity to discuss the agreement before it was formally announced.

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