Image source, Getty Images

We're ending our live coverage of the G7 Summit in Italy now.

Thank you for joining us for our coverage of the group's announcement of $50bn for Ukraine funded via frozen Russian assets.

You can read more about the deal here.

You can read more about the summit here and here.

The writers on this page have been Brandon Drenon, Kayla Epstein and Max Matza. It was edited by Brandon Livesay and Caitlin Wilson.

It's been a whirlwind at the G7 summit in Italy, where at least two key agreements have been issued in the last few hours.

Here are the latest updates, in case you've missed anything:

• The leaders of the G7 nations announced measures during their meeting in Italy to send $50bn (£39.2bn) worth of funds taken from interest generated by the seizure of Russian assets to Ukraine
• The countries are sitting on a pot of about $300bn in seized Russian assets, reports our diplomatic correspondent James Landale
• The money sent to Ukraine will be used by the country for everything from infrastructure and energy investments to battlefield weaponry

• The G7 leaders said the money is a signal to Russia that it will not win and cannot hope to claim victory by waiting for Ukraine to deplete its resources
• US President Joe Biden and Ukrainian President Volodymyr Zelensky held a joint press conference where they signed a bilateral security agreement between the US and Ukraine
• The deal, which the leaders have described as a precursor to Ukraine later joining Nato, includes a provision that says in the event that Ukraine is attacked, the two countries will meet within 24 hours to discuss next steps. It does not commit US troops to responding to defend Ukraine
• Russian President Vladimir Putin "cannot wait us out, he cannot divide us, and (we) will be with Ukraine until they prevail in this war," said Biden
• Zelensky noted that the deal includes US shipments of F16 fighter jets, something Ukraine has been asking its allies to provide for months
• The Ukrainian leader also said he had gotten an assurance from China's President Xi Jinping to not send Chinese-made weapons to Russia

As Presidents Volodymyr Zelensky and Joe Biden just discussed during their press conference, G7 leaders in Italy have agreed to use frozen Russian assets to raise $50bn (£39bn) a year for Ukraine aid.

But how does this actually work?

Legally, countries cannot confiscate assets directly from Russia and give them to Ukraine.

They can, however, use the interest from the $300bn-plus in Russian assets that G7 members currently have frozen, which is accruing about $3bn a year.

The plan is to take out a loan on the international markets and to give $50bn to the Ukrainians each year.

Then, they will use the $3bn generated by the frozen assets to pay off the interest on the loan given to Ukraine.

Image source, Getty Images

Biden and Zelensky just signed a vital 10-year security pact at the G7 summit.

So let's take a look at what is in it.

The agreement is being billed as a precursor to Ukraine eventually joining NATO, with the US affirming its support of this eventual outcome.

The agreement states that in the event of an armed attack against Ukraine, the US and Ukraine will meet within 24 hours to discuss a response. It does not commit the US to sending forces to defend Ukraine.

It states that the US will support Ukraine in developing its military force through training, joint planning, and cybersecurity efforts. The US will also help Ukraine to seek compensation for the damage caused by Russia.

White House national security advisor Jake Sullivan told reporters en route to the conference the agreement aimed to show US support “will last long into the future and pledging continued cooperation, particularly in the defense and security space,” according to the New York Times.

The White House has released the full agreement. , external

Zelensky also signed a bilateral agreement with Japan at the G7.

Image source, EPA

Biden and Zelenksy's press conference is over, after the two leaders took several questions from reporters.

The two shook hands again and walked off the stage side-by-side, as a visual show of their alliance.

Above, the two leaders are seen shaking hands at the beginning of the press conference, after signing a security agreement.

Zelensky tells reporters that he has spoken to President Xi of China, who he claims assured him that China would not sell any weapons to Russia.

But he notes that it remains to be seen whether China would do so.

"If he is a respectable person he will not, because he gave me his word," Zelensky says.

Biden jumps in at the end of Zelenksy's reponse to say that China may not be supplying weapons to China, but it is sharing the "ability to produce the weapons".

"So it is in fact helping Russia," Biden says.

President Zelensky is asked about what difference the US funds will make on the battlefield, after the US held up Ukraine funds for several months amid congressional infighting in the US.

"It was a long pause for our warriors," he says.

"But it's important that we are grateful that, in the very end, we have this supplement and this will for sure strengthen our warriors."

He adds that the pause in US aid allowed Russia an "opportunity" to try to occupy Kharkiv. But says they failed.

Biden then notes that the funding delay was because of a "small minority of Republicans" in Congress, and promises that more aid will be coming soon.

Image source, Reuters

In response to a reporter's question, President Zelensky says he has asked the US for a powerful surface to air missile system that he sees as key to fighting off Russia.

The US has sent Ukraine one Patriot system, and will be sending another. But the Ukrainians want more.

“Urgently we need seven Patriot systems," Zelensky says.

The two leaders discussed Ukraine getting five systems, he says.

“We see in the closest future good result for Ukraine," Zelensky adds.

Biden says Ukraine will have some "relatively quickly”.

We're now hearing questions from reporters, and the first one is for US President Joe Biden.

He is asked about the recent criminal conviction against his son, Hunter Biden.

Biden confirmed what he has already said, that he would not pardon his son.

"I'm not going to do anything. I said I'd abide by the jury decision. I will do that," he says.

He calls Hunter the "greatest, most decent man I know".

President Zelensky praises US officials for seizing Russian financial assets and using them to help fund the war effort in Ukraine.

He is refering to the new $50bn plan the G7 has agreed to.

"Russian assets should be used to protect Ukrainian lives," he says.

The agreement between the two countries contains a "philosophy" of allyship, Zelensky says.

It also contains a crucial component that Ukraine has long sought.

“Our security agreement is a bridge to Ukraine’s membership in NATO," Zelensky says.

He calls it very important for Ukraine.

President Zelensky adds that the deal with the US includes F-16 fighter jets and other weapons that Ukraine has long been asking for.

"We have worked for a long time on these," he says.

He said that Ukraine will soon receive "squadrons" of jets, he says. He then repeats the word "squadrons" for effect.

Ukraine has been asking the for F-16 jets for months.

So far Denmark, the Netherlands, Norway and Belgium have pledged to send them to the embattled country.

Zelensky thanks the US for its continued support for his country.

He is grateful to “everyone in America," he says.

He says he is proud of the Ukrainian people and what they have been able to do during the war in his country.

"Today is a truly historic day," says Ukraine's President Volodymr Zelensky.

He says the "strongest agreement" will preserve "human life", and contains provisions for "steps for sustainable peace" after the war ends.

"Russia is the real global threat," he adds.

He goes to praise the "courage" of American citizens and Ukrainian soldiers who made the deal possible.

Below is the moment the two world leaders signed the bilateral agreement.

Image source, US Pool

The US is intensifying pressure on Russia, President Joe Biden said.

He said the US Treasury Department made clear that any bank in the world that deals with sanctioned Russian banks will be sanctioned themselves. The US has added 300 new sanctions, he says.

Russian leader Vladimir Putin is depending on revenue from energy projects, Biden says, but the US president says new sanctions will disrupt them.

Putin "cannot wait us out, he cannot divide us, and we'll be with Ukraine until they prevail in this war," Biden says.

Earlier today G7 members agreed to send Ukraine $50bn in aid from frozen Russian assets, a deal President Biden said he was pleased to confirm.

The deal, Biden said, will "put that money to work for Ukraine and send another reminder to Putin that we're not backing down".

Image source, US Pool

President Biden has begun speaking.

He praises the security agreement he just signed with Zelensky, saying it will allow the two countries to expand intelligence sharing, continue to train Ukrainian troops, and invest in Ukraine's industrial base so they can supply their own munitions.

Biden says the agreement will make Ukraine "strong, sustainable, and resilient".

President Joe Biden and Ukranian President Volodymyr Zelensky have just signed a United States-Ukraine Bilateral Security Agreement.

The signatures occurred in the wake of the news that G7 members agreed to free up $50bn (£39.2bn) from frozen Russian assets to fund Ukraine.

The press conference is now starting.

You can watch it by clicking Watch live at the top of this page.

Ukrainian President Volodymyr Zelensky and US President Joe Biden still haven't arrived for their press conference, so let's have a look at something the Ukrainian leader said earlier.

He told media he was expecting "important decisions" to be made at this G7 summit.

"A large part of [the summit] will be devoted to Ukraine, our defence and economic resilience," he said.

Of Ukraine's priorities while at the G7, Zelensky said he is after quicker fighter jet pilot training, faster plane deliveries to Ukraine, and more air defence and long-range weapons.

He added that he would be signing security agreements with Japan and the US after bilateral meetings with leaders of those countries.