The United States said Thursday it and other G7 members will provide Kyiv with a loan of up to $50 billion that will be paid back to Western allies using interest income from Russian assets frozen in Western financial institutions.

The announcement came as President Joe Biden meets with leaders of the Group of Seven wealthy democracies Thursday at the luxury resort of Borgo Egnazia in Puglia, Italy, on the first day of their summit.

Biden has been pushing G7 leaders to agree to his plan for Western allies to provide funds up front to Ukraine and to be paid back using interest income from the $280 billion in immobilized Russian assets.

The frozen funds are expected to generate an interest income of $3 billion a year or more. The $50 billion loan will be paid back with the interest income for 10 years or more or until Russia pays reparation.

The European Union in May had agreed on a less aggressive plan, which would provide Ukraine with the interest income as it is generated annually.