Ukraine-Russia war – live: G7 plans to use frozen Russian assets to fund Kyiv as nine dead in missile strike

G7 leaders are gathering today in Italyto discuss a plan that would unlock $50 billion of frozen Russian assets to use in funds for Ukraine’s war effort.

Most of the money would be provided in the form of a loan from the US government that would be backed by windfall profits being earned on roughly $300 billion in immobilised Russian assets.

A French official said the money could be “topped up” with European money or other national contributions.

The summit comes as at least nine people have been killed and 29 injured in Russian airstrikes on Volodymyr Zelensky’s hometown Kryvyi Rih.

Those killed in Kryvyi Rih include five children, officials said, after Russian missiles hit an apartment block in the town.

The deadly attack struck after Ukraine’s military hit three Russian surface-to-air missile systems in Moscow-occupied Crimea on Tuesday, its second reported strike on air defences on the peninsula this week.

The UK will target ships in Vladimir Putin’s shadow fleet with new sanctions as part of co-ordinated action with G7 partners to support Ukraine.

These are the UK’s first sanctions targeting vessels in Mr Putin’s shadow fleet, which Russia uses to circumvent UK and G7 sanctions to trade in Russian oil, Downing Street said.

Prime Minister Rishi Sunak, who is at the G7 summit in Puglia, said: “The UK will always stand shoulder to shoulder with Ukraine in its fight for freedom.

“Today we are once more ramping up economic pressure through sanctions to bear down on Russia‘s ability to fund its war machine. Putin must lose, and cutting off his ability to fund a prolonged conflict is absolutely vital.”

The 50 new sanctions designations and specifications also take aim at the Moscow Stock Exchange and other institutions at