Skip to content
Edit post

US Treasury Secretary reassures Ukrainian PM on $11.8 billion of budget support

by Vladyslav Kudryk and The Kyiv Independent news desk January 24, 2024 3:41 PM 2 min read
Janet Yellen, U.S. Treasury secretary, speaks at a Multilateral Development Bank roundtable during the spring meetings of the International Monetary Fund (IMF) and World Bank Group in Washington, DC, on April 12, 2023. (Photo by Samuel Corum/Bloomberg via Getty Images)
This audio is created with AI assistance

Support independent journalism in Ukraine. Join us in this fight.

Become a member Support us just once

U.S. Treasury Secretary Janet Yellen reiterated in a video call with Ukrainian Prime Minister Denys Shmyhal on Jan. 23 that the Biden administration is committed to securing $11.8 billion in direct budget support to Ukraine as part of the national security supplemental request before Congress.

Yellen underscored the importance of Congress acting on financial support as quickly as possible, the Treasury Department said.

There has been increasing uncertainty about Western support for Ukraine as over $100 billion in U.S. and EU military and financial aid remain stalled by domestic political turmoil.

Secretary Yellen reaffirmed the U.S. "unwavering support to Ukraine in its defense against Putin’s brutal invasion." She also recognized Ukraine’s "successful IMF review in December and the effective work of Ukrainian authorities in managing Ukraine’s economy and progress on reforms."

Join our community
Support independent journalism in Ukraine. Join us in this fight.
Support us

Meanwhile, the Ukrainian prime minister said that during the virtual meeting with Yellen, they also discussed the issue of confiscating Russian assets and using them to support Ukraine.

"We already have the first such decision from the United States. I am grateful to the United States and Ms. Yellen personally for their leadership in promoting this initiative among the G7 (the Group of Seven) countries. We are making joint efforts to make the aggressor pay," Shmyhal said.

A draft law on confiscating assets for Ukraine’s recovery, The Asset Seizure for Ukraine Reconstruction Act, was introduced in the U.S. Congress in late November.

The White House reportedly backs confiscating Russian assets but seeks to align its position with other G7 allies, namely the EU, where around two-thirds of Russian frozen assets are held. In comparison, only around $5 billion are held in U.S. institutions.

The decision to confiscate frozen Russian assets must be taken collectively and is unlikely to happen quickly, U.S. Special Representative for Economic Recovery in Ukraine Penny Pritzker said during the World Economic Forum on Jan. 15.

U.S. President Joe Biden signed the last U.S. $250 million aid package for Ukraine on Dec. 27, including ammunition for anti-aircraft warfare, multiple launch rocket systems, artillery, anti-tank mines, and others.

Before that, a supplemental funding bill, including $61 billion in aid for Ukraine, had been blocked due to disputes in Congress, stalling further financial support for Kyiv.

Biden reportedly made concessions on immigration policy to Senate Republicans to secure backing for Ukraine aid.

U.S. lawmakers said on Jan. 23 that a deal on border security in return for Republican votes to send nearly $60 billion in aid to Ukraine is nearing completion but likely will not be announced this week.

Pentagon: Lack of funding prevents US from meeting Ukraine’s most urgent battlefield needs
The U.S. government has not provided any military aid to Ukraine for the first time since the Ramstein-format meeting of the Ukraine Defense Contact Group (UDCG) was established in April 2022, Pentagon spokesperson Patrick Ryder said during the briefing on Jan. 23.

Before you skip this banner, we want to tell you something…

The Kyiv Independent doesn’t depend on a wealthy owner or an oligarch — in 2023, 80% of our revenue was from reader contributions . It’s thanks to them that we don’t have to rely on a single owner.

Support us now and help maintain our independent model and keep our articles free for everyone. Your contributions allow us to cover journalists’ salaries, report from the front lines, and fund projects like our War Crimes Investigations Unit.

visa masterCard americanExpress

News Feed

Ukraine Daily
News from Ukraine in your inbox
Ukraine news
Please, enter correct email address
MORE NEWS

Editors' Picks

Enter your email to subscribe
Please, enter correct email address
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required
* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Subscribe
* indicates required

Subscribe

* indicates required
Successfuly subscribed
Thank you for signing up for this newsletter. We’ve sent you a confirmation email.