U.S. President Joe Biden and Ukrainian President Volodymyr Zelensky on Thursday signed a 10-year bilateral security deal between the two countries in a move applauded enthusiastically by Kyiv as “historic.”

The BBC reports the pact envisages U.S. military and training aid to Ukraine – but falls short of binding Washington to send troops to fight alongside its ally.

According to the White House, the security deal will see Washington and Kyiv work in tandem to build and maintain Ukraine’s defence and deterrence capability, bolster the country’s defense industrial base, and support economic recovery and energy security.

President Joe Biden and Ukrainian President Volodymyr Zelenskyy arrive to sign a bilateral security agreement on the sidelines of the G7, Thursday, June 13, 2024, in Savelletri, Italy. (AP Photo/Alex Brandon)

The security deal also means in the event of a future Russian armed attack against Ukraine, there will be consultation “at the highest levels to determine appropriate and necessary measures to support Ukraine and impose costs on Russia”, the statement added.

Separately, some $325bn worth of assets were frozen by the G7, alongside the E.U., following Russia’s full-scale invasion of Ukraine in 2022. The pot of assets is generating about $3bn a year in interest.

French President Emmanuel Macron, left, talks to Italian Prime Minister Giorgia Meloni next to U.S. President Joe Biden after watching a skydiving demo during the G7 world leaders summit at Borgo Egnazia, Italy, Thursday, June 13, 2024. (AP Photo/Luca Bruno)

Under the G7 plan, that $3bn will be used to pay off the annual interest on the $50bn loan for the Ukrainians, taken out on the international markets, as Breitbart News reported.

The money is not expected to arrive until the end of the year but is seen as a longer-term solution to support Ukraine’s war effort and economy as the besieged country casts its net globally in the pursuit of funding agreements.

Speaking at a joint news conference at the summit’s venue in Puglia, southern Italy, Biden said the $50bn loan would “put that money to work for Ukraine and send another reminder to [Russian President Vladimir] Putin that we’re not backing down”.

The U.S. leader stressed Putin “cannot wait us out, he cannot divide us, and we’ll be with Ukraine until they prevail in this war”.

Zelensky thanked his American and European allies for their unwavering support.

And referring to the new security deal, he said: “It’s a truly historic day and we have signed the strongest agreement within Ukraine and the U.S. since our independence [in 1991]”.

The new U.S./Ukraine bilateral security deal can be viewed in full here

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