According to  FT, the European Commission is to unveil a €35 billion loan to Ukraine on Friday as part of a G7 proposal to generate $50 billion from potential earnings from frozen Russian state assets.

Based on the sources, if the US adds to the loan at a later time, the ultimate EU portion would be decreased. In June, the G7 leaders decided to divide the $50 billion based on the respective economic might of each country: the US and the EU would contribute $20 billion apiece, while Canada, Japan, and the UK would contribute $10 billion.

However, Washington's involvement was conditional on the assets remaining frozen for a longer length of time than the current six-month EU sanctions renewal cycle, which hasn't happened because of Hungary's objection.

(Sources: ft.com)