(Reuters) - British Prime Minister Rishi Sunak will announce up to 242 million pounds ($309.69 million) in bilateral assistance to Ukraine in the G7 summit, his office said on Wednesday, to support immediate humanitarian, energy and stabilisation needs for Ukraine.

"We must be decisive and creative in our efforts to support Ukraine and end Putin's illegal war at this critical moment," Sunak said ahead of the summit.

The Group of Seven nations and the European Union are also considering how to use profits generated by Russian assets immobilized in the West to provide Ukraine with a large up-front loan to secure Kyiv's financing for 2025.

($1 = 0.7814 pounds)

(Reporting by Nilutpal Timsina in Bengaluru; editing by Diane Craft)