Leaders of the G7 countries have reached an agreement to allocate $50 billion for Ukraine through the use of proceeds from frozen Russian assets by the end of 2024, AFP reports.

"G7 leaders agree to unblock $50 billion for Ukraine by end of 2024," the agency said on the X social network on Wednesday evening.

As the agency reports with reference to the Elysee Palace, Ukraine will receive the loan until the end of 2024.

A spokesman for the Elysee Palace said that there is an agreement, and as always with the G7, the leaders make the decision and the technicians then do the work to shape it.

The decision is expected to be formally approved at the G7 summit on June 13-14, after which countries will have to determine the technical aspects of its implementation.