Topline
U.S. Treasury Secretary Janet Yellen made an unexpected trip to Ukraine on Monday, a week after President Joe Biden’s historic visit to Kyiv, as the agency Yellen leads is set to implement new sanctions against Russia and offer economic support to Ukraine.
US Treasury Secretary Janet Yellen talks to journalists outside Mykhaylo Golden Domes cathedral … [+]
Key Facts
Yellen met with President Volodymyr Zelensky in Kyiv to discuss the initial transfer of $1.25 billion to help the Ukrainian government provide “vital, basic services” of the $10 billion the federal government will distribute over the first three quarters of 2023 as part of the $45 billion aid package Congress approved in December, the Treasury Department said in a readout.
Yellen, in a New York Times op-ed laying out the reasons for her visit, commended the “heroic resistance” of Ukraine and reaffirmed the U.S.’s “unwavering support,” including nearly $50 billion in aid the federal government has provided since Russia’s invasion of Ukraine a year ago.
Underscoring the importance of U.S. aid, Yellen said “we cannot allow Ukraine to lose the war for economic reasons,” adding that the ability of Ukraine’s military to fight Russian forces “depends on a government that can function effectively.”
Zelensky thanked Yellen and the U.S. government for its continued support in a statement on Monday and emphasized the importance of U.S. aid, along with private sector involvement, in rebuilding Ukrainian infrastructure that has been destroyed by Russian forces.
Key Background
Yellen’s visit comes days after the one-year anniversary of Russia’s invasion of Ukraine and a week after Biden visited Kyiv in a rare trip for a U.S. president to a war zone without U.S. military forces present. The White House announced an additional $12 billion in aid to Ukraine last week, including $2 billion for the Ukrainian military and $10 billion to support the country’s government and infrastructure. Some of the aid has helped prop up the Ukrainian government’s budget, which has been decimated as the Russian invasion causes the country’s economy to plunge. In addition, the White House said the Treasury and State Departments will implement new rounds of sanctions against more than 200 entities and individuals with ties to Russia’s defense, technology, metals and mining sectors. The U.S. Department of Commerce will also enforce new export restrictions on materials and technology, such as semiconductors, sold by U.S. companies to firms in Russia and China.
What To Watch For
Whether China will provide military support to Russia as it enters its second year of the war. U.S. intelligence officials have said China is in talks with Russia to provide artillery and drones to Russian military forces, multiple outlets reported Friday, though Beijing has repeatedly denied the claim and said it is advocating for an end to the war. The deal, which is reportedly still in the negotiating stages, would result in “real costs to China,” U.S. National Security Adviser Jake Sullivan said in an interview with CNN on Sunday, adding that the U.S. has discussed those potential consequences with Beijing.
Further Reading
Biden Administration Unveils $10 Billion Ukraine Aid Package As War Enters 2nd Year (Forbes)
U.S. Delivers More Russia Sanctions 1 Year Into War—Here’s What You Need To Know (Forbes)
Biden In Poland: ‘Ukraine Will Never Be A Victory For Russia’ (Forbes)
Source: https://www.forbes.com/sites/saradorn/2023/02/27/yellen-makes-surprise-visit-to-ukraine-to-discuss-10-billion-aid-package/