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The G7 has agreed to use frozen Russian assets to raise $50bn (£39bn) for Ukraine to help it fight invading Russian forces.US President Joe Biden said it was another reminder to Russia “that we’re not backing down”, but Moscow has threatened “extremely painful” retaliatory measures.The money is not expected to arrive until the end of the year but is seen as a longer-term solution to support Ukraine’s war effort and economy.

Also at the G7 summit in Italy, Ukrainian President Volodymyr Zelensky and Mr Biden signed a 10-year bilateral security deal between Ukraine and the US, hailed by Kyiv as “historic”.

The US leader stressed that Mr Putin “cannot wait us out, he cannot divide us, and we’ll be with Ukraine until they prevail in this war”.President Zelensky thanked his American and other allies for their unwavering support.

The G7 group of rich nations, Canada, France, Germany, Italy, Japan, the UK and US, have been important financial and military supporters of Ukraine as it battles to contain occupying Russian forces.Other G7 leaders also hailed the $50bn loan deal, with UK Prime Minister Rishi Sunak describing it as “game changing”.The $50bn loan is a sizeable pot of money, when compared with the $61bn worth of US military aid that was finally agreed in May.

The European Central Bank had ruled that out.Unlike the US aid package, which directly translated into more missiles being sent to the front line, this money will likely not arrive until the end of the year, meaning it will have little impact on the current course of the war.

For now, Ukraine says it still urgently needs more weapons - primarily air defence systems to blunt Russia’s missile and drone attacks on its cities and power stations, as well as long awaited F-16 fighter jets, which it hopes will start arriving as early as this summer.

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