Fight for survival: G7 leaders to $50 billion Ukraine loan backed by Russia's frozen assets

Leaders of the Group of Seven wealthy democracies have agreed to engineer a $50 billion loan to help Ukraine in its fight for survival that would use interest earned on profits from Russia’s frozen central bank assets as collateral.

Details of the deal were still being hashed out as G7 leaders gathered for a summit in Italy, but the money could reach Kyiv before the end of the year. That's according to a French official who confirmed the agreement Wednesday ahead of a formal announcement at the summit. Here's how the plan would work:

Most of the money would be provided in the form of a loan from the US government that would be backed by windfall profits being earned on roughly $300 billion in immobilized Russian assets. The vast majority of the money is being held in European Union nations.