G7 leaders have reached a political agreement to use proceeds from Russia's frozen assets to aid Ukraine

Leaders of the Group of Seven nations have agreed to a framework political agreement to use interest from frozen Russian assets to provide Ukraine with $50 billion in loans.

A Group of Seven (G7) diplomatic source said technical details of the political deal would be finalised in the coming weeks.

Under the plan, the G7 would lend Ukraine about $50bn, backed by interest earnings on €300bn of frozen Russian central bank assets.

According to a source familiar with the negotiations, the deal also seeks to ensure that it can operate for several years regardless of who is in power in a G7 country. It is also due to concerns about the potential impact of US Republican presidential candidate Donald Trump winning the November election.

The G7 summit is being held under Italy's rotating presidency. Speaking ahead of the meeting Thursday, Italian Prime Minister Roberto Meloni said there was still a lot of work to be done, but she was confident that during the two days the G7 leaders would be able to hold discussions and achieve concrete and measurable results.

Ukrainian President Volodymyr Zelensky attended the summit on the same day, which is also his second consecutive year to attend the G7 summit. In an earlier post on social media, he said he expected significant results from the summit.