G7 leaders agree to lend Ukraine $50 billion using frozen Russian assets

French President Emmanuel Macron, Italian Prime Minister Giorgia Meloni, and U.S. President Joe Biden, pose for a family photo during a welcome ceremony on day one of the 50th G7 summit at Borgo Egnazia on June 13, 2024 in Fasano, Italy.This plan has been years in the making. It's a win for President Biden, who has been pushing allies to agree to the deal, amid hesitation from some European countries.But there are still key details of the plan the countries need to work out.

"How are we going to get repaid? Russia pays…the income comes from the interest stream on the immobilized asset," the official said. "The principal is untouched for now, but we have full optionality to seize the principal later if the political will is there."

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