As part of the G7 package, the United States is announcing Wednesday that it will provide $20 billion in loans to Ukraine that will be paid back by the interest earned from immobilized Russian sovereign assets, US President Joe Biden has said in a statement. The White House press service described this decision as "historic."

"In other words, Ukraine can receive the assistance it needs now, without burdening [American] taxpayers. These loans will support the people of Ukraine as they defend and rebuild their country.," Biden added.

He emphasized that the actions of Kiev's allies "make it clear: tyrants will be responsible for the damages they cause."

"This is another reminder to [Russian President] Vladimir Putin that the world has rallied behind Ukraine—and the United States and our G7 partners will continue to stand with them every step of the way," Biden said, adding that “Russia will not prevail in this conflict.”