G7 plans $50 billion loan for Ukraine by end of October, EU confirms

The G7 countries aim to finalize a $50 billion loan for Ukraine by the end of October. This agreement would allow funds to be available before the end of the year. The loan will be supported by profits from frozen Russian assets. The EU plans to contribute up to 35 billion euros to the loan. Canada, the UK, and Japan have already committed to participating. The U.S. is seeking assurances regarding the repayment from frozen assets, which requires a change in EU policy. Currently, the EU's decision to freeze Russian assets must be renewed every six months. The EU is proposing to extend this renewal period to 36 months to address U.S. concerns. A vote on this change is expected in October.