Biden and Zelenskyy will sign a security deal, as G7 leaders agree to use Russian cash to help Kyiv

BRINDISI, Italy (AP) — President Joe Biden and President Volodymyr Zelenskyy will sign a bilateral security agreement between the U.S. and Ukraine on Thursday when they meet on the sidelines of the Group of Seven summit in Italy.

Negotiators for the group have also reached an agreement on how to provide Ukraine with up to $50 billion backed by frozen Russian assets.

The international group of wealthy democracies has been discussing ways of using the more than $260 billion in frozen Russian assets, most of which are outside the country, to help Ukraine fight Russian President Vladimir Putin’s war machine.

European officials have resisted confiscating the assets, citing legal and financial stability concerns, but the plan would use the interest earned on the assets to help Ukraine’s war effort. An official with the French presidency confirmed the agreement Wednesday, saying most of the money would be flowing to Ukraine in the form of a loan from the U.S. government backed by the proceeds of the frozen Russian assets in the European Union. Two other people familiar with the matter confirmed the arrangement.

Final technical negotiations were underway ahead of the summit to finalize the legal terms of the deal.

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