ROME (Reuters) - Leaders of the Group of Seven wealthy nations have reached consensus on how to deliver around $50 billion in loans to Ukraine backed by the earnings from frozen Russian sovereign assets, a statement said on Friday.

Group of Seven nations finalized a $50 billion loan to Ukraine backed by the profits generated by immobilized Russian central bank assets, clearing the way for much-needed aid to soon flow to Kyiv and largely shielding critical financing from the outcome of the US presidential election.

The US and Western allies are moving forward with a $50 billion loan package to Ukraine backed by the profits of frozen Russian assets, which includes a US contribution of $20 billion, the White House announced Wednesday.

The U.S. on Wednesday finalized its $20 billion portion of a long-awaited $50 billion loan to Ukraine backed by frozen Russian assets, announcing plans to start making funds available by year-end for economic and military aid.

Treasury Secretary Janet L. Yellen and her Ukrainian counterpart held a signing ceremony Wednesday as the West moves to provide Kyiv with additional support.

G-7 nations are finalizing a $50 billion loan deal for Ukraine using the profits generated by frozen Russian central bank assets, with the US offering $20 billion of the total amount. US Deputy National Security Advisor: International Economics Daleep Singh joins “Bloomberg Surveillance” to explain how the loan came together and is structured.

WASHINGTON — Ukraine will receive $50 billion in loans, backed by frozen Russian assets, from Group of Seven allies, the White House said Wednesday. Distribution of the money will begin by year’s end,

The White House announced Wednesday that the Group of Seven was nearing a deal to provide Ukraine with $50 billion in loans. Backed by profits from frozen Russian assets, these funds are aimed at supporting Ukraine's defense and economy as it continues to fend off Russia's invasion.