US Treasury Secretary Janet Yellen called on European finance leaders to proceed with plans for 50 billion euros ($52.4 billion) in new aid to Ukraine, The Telegraph reported.
President Biden and I, along with a bipartisan majority of the US Congress and the American people, will fight so that our support is not interrupted and sufficient funding is in place.
Yellen highlights the growing concern around providing substantial aid to Ukraine, as it partly depends on the other side’s ability to renew its commitments.
Biden plans to make a formal request this week for additional foreign aid, including for Ukraine and Israel, but it is unclear whether the House of Representatives will be able to act after the abrupt ouster of its permanent speaker, Kevin McCarthy.
Paschal Donohoe, Chairman of the Eurogroup, emphasised that the current geopolitical pressures require transatlantic co-operation.
“We have been united in holding Russia to account for its illegal, unjustifiable and unprovoked war of aggression against Ukraine. And in recent days we are united in our horror and grief due to the heineous attack against Israel.”
European Commission Vice President mi stated it was essential that the USA clarified the issue of Ukraine’s financing “as soon as possible.”
European Union leaders plan to adopt a 50 billion euro bid later this month, but resistance to the size of the package is growing on the eastern edge of the bloc.
Hungary recently proposed halving the amount, and Slovakia this month froze military aid to Ukraine while waiting for the formation of a new government by Robert Fico, who won the election on promises to halt arms shipments to Kyiv.
In addition to speaking to the Eurogroup, Yellen also plans to hold talks with other senior European Union officials to apply pressure regarding economic ties with China.
The Biden administration has sought to reduce supply chain dependence on China by forging trade ties with countries deemed more reliable, as well as denying China access to advanced technology by limiting certain investments in the country by US firms.
Yellen noted that such policies should be aimed at “protecting our national security interests” rather than severing broader economic ties.
We do not seek to decouple our economy from China’s. We seek to diversify, to de-risk.
