Leaders of the Group of Seven (G7) countries agreed Thursday on a new $50 billion loan for Ukraine using profits from frozen Russian assets.

"We have reached political agreement to provide additional financial support to Ukraine of approximately $50 billion by the end of the year," Italian Prime Minister Giorgia Meloni announced after the first day of a summit in Puglia.

Meloni had invited Ukrainian President Volodymyr Zelenskyy to join a special summit session on the Ukraine conflict with U.S. President Joe Biden and the leaders of France, Germany, Canada, Japan and Britain.

Addressing the meeting, Zelenskyy thanked the leaders for their support, which he said would go towards "both defense and reconstruction."

(With input from agencies)