Ukraine received $1 billion in financial aid from the United States, backed by frozen Russian assets, Ukrainian Prime Minister Denys Shmyhal announced on Tuesday.

"This is the first tranche of the planned $20 billion that the U.S. is prepared to allocate through the use of frozen Russian assets," Shmyhal said in a post on Telegram.

The Ukrainian Finance Ministry later clarified that the funds were provided as a grant aid under the World Bank's Second Growth Foundation Development Policy Loan (DPL).

The U.S. assistance is part of a broader commitment made by the Group of Seven (G7) countries, which envisages $50 billion in support for Ukraine secured using proceeds from immobilized Russian assets.

The G7 countries have frozen about $300 billion of Russian assets in the wake of the Russia-Ukraine conflict, according to media reports.

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