In a significant move to enhance Ukraine's defense capabilities against Russia, the United States and Ukraine have signed a 10-year bilateral security agreement on Thursday. The signing took place on the sidelines of the Group of Seven (G7) summit in Italy, with U.S. President Joe Biden and Ukrainian President Volodymyr Zelenskyy putting their signatures to the pact.

The agreement, which has been under negotiation since August last year, aims to provide a framework for long-term U.S. assistance to Ukraine's armed forces. It includes commitments to supply a wide range of military assistance, enhance intelligence sharing, and increase interoperability between the militaries of the two countries.

"Our goal is to strengthen Ukraine's credible defense and deterrence capabilities for the long term," President Biden said at a joint news conference with President Zelenskyy. The Ukrainian leader, in turn, described the agreement as a "historic" step towards his country's eventual NATO membership.

The pact also stipulates that in the event of an armed attack or threat against Ukraine, top U.S. and Ukrainian officials will meet within 24 hours to consult on a response and determine what additional defense needs Ukraine might require.

The agreement comes as Ukraine continues to face aggression from Russia, which invaded the country in 2022. The U.S. has been a staunch supporter of Ukraine, providing billions of dollars in military aid. The new security pact is seen as a further commitment to Ukraine's defense and a signal to Russia of the U.S.'s unwavering support.

In addition to the security pact, the U.S. and other G7 leaders also agreed to provide Ukraine with a $50 billion loan backed by interest from Russian assets that were frozen after Moscow invaded Ukraine. The loan is intended to help Ukraine rebuild damaged infrastructure and purchase weapons.

However, the deal could face challenges if there is a change in leadership in the United States or in other allied nations, or if there is a shift in political support for Ukraine within the U.S. Congress.

President Biden emphasized that the agreement seeks to provide weapons and ammunition to Ukraine, expand intelligence sharing, train Ukrainian troops, and invest in Ukraine's defense industrial base.

The signing of the security pact and the loan agreement underscores the U.S.'s commitment to supporting Ukraine in its ongoing conflict with Russia and to bolstering Ukraine's defense capabilities for the long term.