humanevents
The United States is set to contribute $20 billion to Ukraine as part of a broader $50 billion aid package coordinated with the G7 and the European Union. Of this amount, $10 billion is expected to be disbursed by December for economic support, while another $10 billion is earmarked for military assistance. However, lawmakers still need to approve the military aid.
The urgency to secure this funding comes as the US presidential election approaches, with concerns that a Republican victory, particularly under Donald Trump, could result in a reduction or halt in US aid to Ukraine.
“Ukraine will receive the assistance it needs now, without burdening our taxpayers,” said White House Deputy National Security Advisor for International Economics Daleep Singh, according to CNN. Singh added that if an agreement with Congress cannot be reached to secure the additional funding, the administration plans to provide the full $20 billion as economic aid.
“We’re going to provide $20 billion either way. But we’ll work with Congress over the next few months to assess whether we can get sufficient authority through foreign military financing, loan guarantee authorities to provide half of our assistance through military support,” Singh said.
In addition to the US contribution, another $30 billion will be provided by the European Union and G7 countries.
“As we committed in June, the G7 will begin dispersing assistance for the benefit of Ukraine by the end of this year, so that we can meet Ukraine’s urgent needs as we approach the winter while sending an unmistakable signal, the United States and its G7 partners will not fatigue,” Singh explained.
US Treasury Secretary Janet Yellen announced on Tuesday that the G7 and European countries are “very close” to finalizing the loans, which will be backed by frozen Russian assets. These assets, which were seized by Western allies in response to Russia’s invasion of Ukraine in 2022, are in European banks and amount to hundreds of billions of dollars.
If a peace agreement is reached between Russia and Ukraine, the frozen assets will remain inaccessible and accrue interest to repay the loans, or Russia will be required to pay for the damages it caused, according to CNN.
This Story originally came from humanevents.com
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