The G7 has reached an agreement to provide Ukraine with $50 billion by the end of the year using profits from frozen Russian assets, the French presidency said on June 12 in comments reported by AFP.

"We have an agreement," a presidency official said, ahead of a G7 summit in Italy, which starts on June 13.

On June 11, it was reported the G7 will create a fund to support Ukraine using the income generated from frozen Russian assets, Nikkei Asia reported.

The fund will reportedly be created under an international organization such as the World Bank, with contributions in the form of “Extraordinary Revenue Acceleration” (ERA) loans.