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 Group of 7 nations will announce on Wednesday a finalized plan to give Ukraine a $50 billion loan using Russia’s frozen central bank assets, according to Biden administration officials. The loan represents an extraordinary maneuver by Western nations to essentially force Russia to pay for the damage it is inflicting on Ukraine through a war that shows no sign of ending.

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.

Ukraine blasted U.N. Secretary-General Guterres for allegedly agreeing to meet with Russian President Putin during the BRICS summit as leaders from the West's top adversaries like China and Iran convene.

UN Secretary General Antonio Guterres arrived in Russia on Wednesday to attend the BRICS summit, his first visit to the country for more than two years that has drawn scorn

The leaders discussed Russia's war against Ukraine, the BRICS agenda, and bilateral relations. Russia hopes to increase cooperation with China on "all international platforms," Putin said.