Russian central bank

The EU plans to lend Ukraine 35 billion euros ($39 billion), backed by the revenues of Russian assets frozen in the bloc, European Commission chief Ursula von der Leyen said Friday.

The European Commission has made its first payment of 1.5 billion euros to Ukraine, derived from frozen Russian assets. This funding aims to bolster Ukraine's military capacity and contribute to the country's reconstruction.

G7 leaders agreed Thursday on a new $50 billion loan for Ukraine using profits from frozen Russian assets, a move Joe Biden said showed Moscow "we're not backing down".

A general view shows the Swabian Castle of Brindisi (Castello Svevo), the venue that will host the welcome dinner of the G7 Summit, on June 12, 2024 in Brindisi.

G7 leaders gather Thursday for the first day of an Italy summit, hoping to seal a deal on providing $50 billion for Ukraine using frozen Russian assets.

U.S. Treasury Secretary Janet Yellen on Thursday urged G7 ministers meeting in Italy to work on "more ambitious options" to use frozen Russian assets to help Ukraine.

The ministers and central bankers from the Group of Seven world powers are meeting in Stresa, on the shores of northern Italy's Lake Maggiore, to prepare for a summit of G7 heads of state next month in Puglia.

EU leaders will grapple at a summit on Thursday with how to get more weapons to Ukraine's outgunned forces while also re-arming their own countries to face Russia's Vladimir Putin — aggressive and newly emboldened after cementing his grip on power.

French President Emmanuel Macron urged Ukraine's allies, including the Czech Republic, to demonstrate courage in the face of an "unstoppable" Russia, reported France Press.

Day 538 of the invasion of Ukraine. Summary of key events in the last 24 hours:

"As all the EU heads of government gave speeches one after the other, the meeting dragged on late into the night. Prime Minister Petkov, as he tells it, went from one colleague to another during those hours - including Emmanuel Macron and Olaf Scholz.

The head of the Russian Central Bank warned yesterday that the country's economy faces pressure from abroad that could persist indefinitely, dampening hopes that conditions could return to what they were before Russia sent troops into Ukraine.