G7 to 'hopefully' seal Ukraine funds deal at Italy summit: White House

The G7 has made "very good" progress on using frozen Russian assets for Ukraine and leaders will hopefully reach agreement at an Italy summit, the White House said.

The deal is expected when leaders including US President Joe Biden sit down for talks with Ukraine's President Volodymyr Zelenskyy, National Security Advisor Jake Sullivan said.

"There's been very good progress in the discussions among the G7 delegations here to reach an agreement," Sullivan told reporters travelling with Biden on Thursday.

"Hopefully by the time that leaders meet today, we will have a common vision on the way forward."

The deal is expected to involve a $50 billion loan for Kiev, secured against the future profits from interest on 300 billion euros ($325 billion) of Russian central bank assets frozen after the February 2022 invasion.

But Sullivan said delegations were still thrashing out the details, including how many countries that would "step up" and the kind of financial vehicle involved.

"The Italian presidency (of the Group of Seven rich nations) has done a very good job bringing everyone together round the table," he said.

"We have the major tentpoles of this decided but some of the specifics will be left to be worked through by experts on a defined timetable."

Biden was also to meet separately with Zelenskyy on the sidelines of the G7 on Thursday to sign a bilateral US-Ukraine security deal, and hold a joint press conference.