U.S. Treasury Secretary Janet Yellen recently met with Ukrainian Prime Minister Denys Shmyhal and Finance Minister Serhiy Marchenko to discuss the critical budgetary and military assistance needed by Ukraine. Yellen emphasized the Biden administration’s commitment to supporting Ukraine and criticized Republican delays in approving aid, calling them inexcusable.
Yellen highlighted the importance of budgetary assistance from the United States, linking it to Ukraine’s success on the battlefield and the government’s ability to provide essential services to its people. She noted that the United States, along with its allies, has already provided significant support to Ukraine since Russia’s invasion in February 2022. Yellen also mentioned a $255 million contribution to World Bank trust funds to support Ukraine’s export transportation needs and private sector investment.
Yellen criticized House Republicans for their failure to act promptly, stating that every moment of delay strengthens Putin and emboldens America’s adversaries. She emphasized the importance of maintaining resolve in supporting a democratic Ukraine in the face of an autocratic Russia. U.S. House Speaker Mike Johnson has pledged to hold a vote on a $95 billion aid bill for Ukraine and Israel, with a significant portion allocated to assisting Ukraine.
Russian Aggression and Economic Threats
Ukrainian Prime Minister Shmyhal highlighted the urgent need for U.S. aid, citing Russia’s efforts to undermine Ukraine’s economy through targeted attacks on critical infrastructure. He warned of the risk of further destruction and emphasized the importance of safeguarding Ukraine’s economic stability to enable its defense capabilities on the battlefield.
Finance officials from the Group of Seven committed to exploring all avenues to utilize frozen Russian assets to aid Ukraine. Yellen stressed the need for continued vigilance and concerted efforts to limit Russia’s access to resources necessary for its war efforts. Shmyhal echoed the sentiment, calling for strengthened sanctions targeting key sectors in Russia, including the military industrial complex, banking sector, and nuclear industry.
Transparency and Accountability
Both Yellen and Shmyhal highlighted the importance of transparency and accountability in the use of U.S. aid to Ukraine. They pledged to work closely with international partners, including the World Bank, to ensure that aid is utilized effectively and with zero tolerance for misuse. Shmyhal emphasized the need for the U.S. Congress to pass legislation granting the Biden administration authority to confiscate frozen Russian assets to further support Ukraine’s efforts.
The ongoing support and timely delivery of aid to Ukraine are crucial in the face of Russian aggression and destabilization efforts. The delays in approving assistance by House Republicans not only hinder Ukraine’s ability to defend itself but also send a damaging message to America’s allies and adversaries worldwide. It is imperative for the United States and its allies to remain steadfast in their commitment to supporting Ukraine’s sovereignty and economic stability.