Group of Seven leaders will announce moves to deliver fresh aid to Ukraine based on the value of frozen Russian financial assets this week, the U.S. stated.

The development indicates that leaders have all but agreed on a political deal to announce a loan of roughly $50 billion, financed by a complex pact to offer Ukraine further financial assistance guaranteed by proceeds from the assets.

"We will announce new steps to unlock the value of the immobilized Russian sovereign assets to benefit Ukraine and help them recover,” John Kirby, a spokesperson for U.S. President Joe Biden’s National Security Council, said on Tuesday.