Germany will support the US plan to provide Ukraine with $50B in aid secured by revenue from frozen Russian assets.

Germany’s agreement could be a crucial step that moves Washington and its allies closer to receiving a major new aid package for Kyiv and secures US support regardless of the outcome of November’s presidential election.

US and EU officials say the US’ proposal is gaining momentum and is expected to dominate talks among G7 finance ministers and central bank governors that begin May 23 in Italy.

However, German officials do not expect any final agreement before the G7 summit on June 13-15. This US proposal was received more positively in European capitals, including Berlin, as it only involves the use of interest earned from assets, without their confiscation.

EU countries have already agreed to use these revenues and transfer them to Ukraine twice a year. The G7 agreement will replace this arrangement.