United States President Joe Biden announced on Wednesday that his country will provide a $20 billion loan for war-torn Ukraine as part of the G7 package.

In a statement issued by the White House, Biden revealed that the loans will be paid back by the interest earned from frozen Russian sovereign assets. "In other words, Ukraine can receive the assistance it needs now, without burdening taxpayers. These loans will support the people of Ukraine as they defend and rebuild their country," the president noted.

Biden also claimed that Russia will not emerge victorious from the conflict, reminding his Russian counterpart Vladimir Putin that "that the world has rallied behind Ukraine."