KYIV, Sept 30 – Italy, as the G7 presidency, is currently seeking a political commitment from the EU and G7 countries to participate in an initiative to provide Ukraine with $50 billion by the end of 2024 from revenues from frozen Russian assets around the end of October, European Commission Executive Vice-President Valdis Dombrovskis said.

"This will allow all G7 lenders sufficient time to operationalise loans by end of this year… Adopting the proposal by the end of October would allow for the time needed to complete the remaining processes required by the Commission to release the EU loan before the end of the year," he told the European Parliament's International Trade Committee on Monday.