The agreement is expected to be formally announced later this week, during a meeting among President Joe Biden and other G7 leaders in southern Italy.

The G7, a group of wealthy democratic nations, has been discussing ways to utilize the more than $260 billion in Russian assets frozen outside the country following the invasion of Ukraine on February 24, 2022. While European officials have been cautious about confiscating the assets due to legal and financial stability concerns, the agreed plan suggests using the interest earned on the frozen assets to support Ukraine's ongoing war efforts.

This announcement comes in conjunction with President Biden's trip to Europe, where he is set to sign a bilateral security agreement with Ukrainian President Volodymyr Zelenskyy on Thursday. The agreement aims to showcase American support for Ukraine while assuring that it will not directly commit U.S. troops to the defense against Russia's invasion.

National security adviser Jake Sullivan clarified that President Biden is cautious about getting directly involved in a conflict between nuclear-armed powers. However, the agreement aims to send a strong message to Russia about the United States' resolve in supporting Ukraine and addressing its security needs.

The G7 summit will also serve as a platform for leaders to discuss various pressing global challenges, including artificial intelligence, migration, the resurgence of the Russian military, and China's economic influence. Pope Francis, President Zelenskyy, and Turkish President Recep Tayyip Erdogan will all be in attendance.

The urgency to address these issues stems from the belief among U.S. and European officials that this may be their last chance to make significant progress on key matters such as the frozen Russian assets and China's actions. The outcomes of upcoming elections this year in various countries could significantly impact the future dynamics of international negotiations.

President Biden's visit to Italy follows his recent trip to France for a state visit and ceremonies commemorating the 80th anniversary of the D-Day landings in World War II. While the previous visit had a celebratory tone, Biden's current trip is expected to be more focused on pressing global issues, particularly the ongoing conflict between Russia and Ukraine.

Despite challenges posed by rising far-right parties across Europe and upcoming elections in the United Kingdom, France, and the United States, there remains a sense of relief among world leaders that the United States is actively engaging, as expressed during Biden's previous speech at the G7 summit in England.

The security agreement signed with Ukraine is considered a stepping stone towards Ukraine's potential future inclusion in the NATO alliance, a long-term goal for President Zelenskyy. However, Putin has consistently opposed Ukraine's accession to NATO, making its achievement contingent upon ending the Russia-Ukraine war.

As President Biden engages in back-to-back diplomatic trips, including his visits to France and Italy, his administration emphasizes the importance of maintaining support for Ukraine and working closely with democratic officials in the European Union, irrespective of any potential shifts in leadership.