G7 summit opens with deal to use frozen Russian assets for Ukraine

The G7 summit in Italy opened with agreement reached on a US proposal to back a 50bn dollar (£39bn) loan to Ukraine using frozen Russian assets as collateral (Christopher Furlong/Pool/AP)

The G7 summit in Italy opened on Thursday with agreement reached on a US proposal to back a 50 billion dollar (£39 billion) loan to Ukraine using frozen Russian assets as collateral, giving Kyiv a strong show of support even as Europe’s political chessboard shifts to the right.

Italian Premier Giorgia Meloni welcomed the G7 heads of state to the summit at a luxury resort in Borgo Egnazia in southern Italy, saying she wanted the message of the meeting to be one of dialogue with the global south and unity.