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US Treasury Secretary Janet Yellen, at a finance ministers’ meeting in Luxembourg on Monday, affirmed the Biden administration’s ongoing support for Ukraine amidst political turmoil in the US and new conflicts in the Middle East. This comes despite dwindling Republican support that led to the lapse of emergency funds last month. The administration is now advocating for an emergency assistance package for Ukraine and Israel, although the approval of this package remains uncertain due to a halt in legislative activities following the ousting of Representative Kevin McCarthy as House Speaker.
Yellen confirmed bipartisan support for Ukraine funding and vowed to work towards legislating a comprehensive aid package into law. The White House is set to propose this funding, identified as a top priority by Yellen. The administration, which previously considered a $24 billion aid package for Ukraine, may now aim for a larger package to avoid another funding showdown before the 2024 election.
Congress has approved $113 billion since Russia’s full-scale invasion of Ukraine in February 2022. However, emergency funds lapsed last month due to dwindling Republican support.
Meanwhile, the EU recently approved a three-year financing package worth 50 billion euros (about $53 billion) for Ukraine. Eurogroup president Paschal Donohoe and top E.U. diplomat Josep Borrell Fontelles appealed to the US to acknowledge Europe’s significant contribution to Ukraine’s cause.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
Source: Investing.com
