BRUSSELS, September 17. /TASS/. The European Commission (EC) is working on implementing the decision made by G7 to provide $50 bln to Ukraine with the possibility of receiving revenues from immobilized Russian assets, executive vice president of the EC Valdis Dombrovskis said.

"The Commission is also working on implementing the G7 decision to provide Ukraine with $50 billion of financing - which is approximately €46 billion - backed by the prospective revenues from immobilized Russian assets," according to his statement released on the EC’s website.

"This unique loan package will allow Ukraine to cover its immediate needs, ensure macroeconomic stability, and provide the country with the financial resources needed to withstand Russia's intensified aggression," the statement reads.

"We will present our proposal to the European Parliament and [EU] Council shortly," Dombrovskis noted.

By now, the overall assistance to Ukraine by the EU and its member states amounts to around 118 bln euro, including almost 14 bln euro mobilized under the EU Ukraine Facility, which comprises macro-financial support, de-risking instruments to mobilize private investments, and technical assistance, and 25.2 bln euro in EU macro-financial assistance, to keep the Ukrainian state afloat and facilitate reforms. Moreover, 17 bln euro were made available to EU member states in the context of supporting those fleeing the war. Close to 1.4 bln euro worth of profits from frozen Russian assets have also been channeled through the European Peace Facility to deliver priority equipment, including artillery ammunition and air defense, as well as procurement from the Ukrainian defense industry, Dombrovskis said.