U.S. Treasury Secretary Janet Yellen emphasized the continued commitment of the United States and Europe to supporting Ukraine as a top priority. Yellen stated that this support is crucial to bolster Ukraine’s military efforts against Russia’s invasion. The Biden administration pledged to stand with Ukraine for as long as necessary, aiming to secure robust and uninterrupted assistance through bipartisan efforts in the U.S. Congress.
Yellen expressed concern about the possibility of Ukraine losing the war due to economic reasons and stressed that Ukraine had demonstrated its ability to succeed on the battlefield. The meeting with Eurogroup finance ministers coincided with the Biden administration’s plans to provide a new military assistance package of over $2 billion for both Ukraine and Israel.
While Yellen did not address the Middle East crisis in her remarks, she mentioned earlier that the U.S. could afford to support both Israel and Ukraine. There has been some opposition to funding for Ukraine in Congress, but she remained confident that U.S. aid would continue and emphasized that it was a top priority for President Joe Biden.
Some European Union countries, including Hungary, have raised concerns about the plans. Ukrainian Finance Minister Serhiy Marchenko noted the challenges in securing financial support.
Yellen commended the European Union’s 50 billion euro Ukraine Facility, aimed at providing economic and reconstruction support, emphasizing the importance of concessional support with low or zero interest rates and flexibility.
To enhance funding sources, Yellen reiterated her support for using windfall proceeds from immobilized Russian sovereign assets in clearing houses to support Ukraine, a commitment made by the Group of Seven (G7) countries.
Yellen emphasized that the assistance provided by the U.S. and EU is vital for collective national security interests and the shared goal of a free and prosperous Europe and world. She also highlighted ongoing efforts to impose increasing costs on Russia for its actions, including measures like the G7-led price cap on Russian oil and a crackdown on sanctions evasion. The EU’s 12th sanctions package, currently under discussion, is seen as an opportunity to further restrict Russia’s access to revenue and materials used in the conflict.
The article provides an in-depth exploration of the unwavering commitment of the United States and Europe to support Ukraine amidst Russia’s ongoing invasion. U.S. Treasury Secretary Janet Yellen’s statements are highlighted, where she emphasizes the importance of sustaining Ukraine’s military efforts and ensuring it does not face economic challenges that could hinder its success on the battlefield.
The Biden administration’s dedication to supporting Ukraine for the long term and its pursuit of bipartisan backing from the U.S. Congress are discussed. Yellen’s confidence in securing robust and continuous assistance for the war-torn country is a prominent aspect of the article.
While the article primarily focuses on the situation in Ukraine, it also briefly mentions the Biden administration’s plans for military assistance to Israel in light of recent developments in the Middle East.
Moreover, the challenges and opposition faced in Congress regarding funding for Ukraine, including remarks from influential figures like Ohio Representative Jim Jordan, are highlighted.
The article sheds light on the concerns raised by some European Union countries, including Hungary, about the plans for supporting Ukraine.
Furthermore, the piece elaborates on the support initiatives, such as the European Union’s 50 billion euro Ukraine Facility for economic and reconstruction support, and the commitment by the Group of Seven (G7) nations to explore the use of windfall proceeds from Russian assets to aid Ukraine.
Lastly, the article discusses efforts to impose increasing costs on Russia for its actions, including the G7-led price cap on Russian oil and forthcoming measures in the EU’s 12th sanctions package.