The G7 countries will allocate $50 billion in additional funding to Ukraine by the end of 2024 for defense, budget and reconstruction from revenues from frozen Russian assets without prejudice to other contributions, according to the text of the final declaration of the leaders of the G7 countries, following the results of the summit, published on the website of the Italian Presidency on Friday.

"We remain determined to dispel any false notion that time is on Russia’s side, that destroying infrastructure and livelihoods has no consequences for Russia, or that Russia can prevail by causing Ukraine to fail economically. With a view to supporting Ukraine's current and future needs in the face of a prolonged defense against Russia, the G7 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," according to the document.

Thus, without prejudice to possible other contributions and joint work, the G7 intends to provide financing that will be serviced and repaid by future emergency revenue streams arising from the immobilization of Russian sovereign assets located in the EU and other relevant jurisdictions.

"To enable this, we will work to obtain approval in these jurisdictions to use future flows of these extraordinary revenues to service and repay the loans. We confirm that, consistent with all applicable laws and our respective legal systems, Russia’s sovereign assets in our jurisdictions will remain immobilized until Russia ends its aggression and pays for the damage it has caused to Ukraine," the communiqué states.

The EU says it intends to distribute this funding through multiple channels that target Ukraine's military, budget and reconstruction needs, within the constraints of our respective legal systems and administrative requirements. "As it relates to reconstruction, we will also strengthen the Multiagency Donor Coordination Platform for Ukraine 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. 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," according to the document.

The G7 also announced support for Ukraine's energy security, including by coordinating international assistance through the G7+Ukraine Energy Coordination Group, and also reaffirmed support for Ukraine's agricultural sector.

"We are also working to involve our private sectors in the sustainable economic recovery of Ukraine. We welcome and underscore the significance of Ukraine itself continuing to implement domestic reform efforts, especially in the fields of anti-corruption, justice system reform, decentralization, and promotion of the rule of law... We will build on the Japan-Ukraine Conference for Promotion of Economic Growth and Reconstruction held in Tokyo on 19 February and the Ukraine Recovery Conference held on 11-12 June in Berlin and we look forward to the next Ukraine Recovery Conference in Rome in 2025," according to the communiqué.