ROME, June 15. /TASS/. The Group of Seven (G7) will provide additional $50 billion to Ukraine using the incomes from Russia’s frozen assets to finance its defense industry, budget expenditures and reconstruction efforts, G7 leaders said in a joint statement after their summit in Italy.

"We intend to disburse this financing through multiple channels that direct the funds to Ukraine’s military, budget, and reconstruction needs - within the constraints of our respective legal systems and administrative requirements," the document says.

The G7 undertook to strengthen the Ukraine Multi-Donor Coordination Platform "to help coordinate the disbursal of funds and ensure they align with Ukraine’s highest priority needs at a pace it can effectively absorb."

"This will play a key role in advancing Ukraine’s reforms in line with its European path," the leaders said. "In light of the above, we task our relevant Ministers and officials to operationalize these commitments in time for ERA to begin disbursing before year-end."

The Ukrainian topic was in the spotlight at the summit, attended by Ukrainian leader Vladimir Zelensky.

In their final statement, leaders of the G7 agreed to provide Ukraine with $50 billion using the income from Russia’s frozen assets by the end of 2024 "with a view to supporting Ukraine’s current and future needs in the face of a prolonged defense against Russia." To that end, it will launch "Extraordinary Revenue Acceleration (ERA) Loans for Ukraine", in order to make available approximately USD 50 billion in additional funding to Ukraine by the end of the year.

The statement says that Russia’s sovereign assets, seized by Western financial institutions, will remain immobilized "until Russia ends its aggression and pays for the damage it has caused to Ukraine.".