The Group of Seven nations have announced the implementation of a loan worth about 50 billion dollars for Ukraine using the proceeds from frozen Russian assets.

The G7 finance ministers and central bank governors finalized the agreement in talks on Friday in Washington, and compiled a G7 leaders' statement. The initial decision to provide the funds was made at a summit in June.

The statement says the loan is "to support Ukraine's budgetary, military and reconstruction assistance." It will begin to be disbursed by the end of the year.

The statement added, "the G7 remains steadfast in its solidarity to support Ukraine's fight for freedom, and its recovery and reconstruction."

A finance ministers' statement on the implementation method was also adopted. It says the loan will be disbursed over three years until December 31, 2027 in instalments reflecting Ukraine's urgent financing needs.

Japan's Finance Minister Kato Katsunobu and Bank of Japan Governor Ueda Kazuo attended the meeting. Kato later told reporters that the agreement represents the G7's commitment to support Ukraine in solidarity. He added that the measures will not be an additional burden on Japanese taxpayers.