The war between Russia and Ukraine has created havoc, especially for the Ukrainians. Russian troops are on the brink of capturing some important cities in Ukraine. However, the war-torn country’s economy is on the verge of collapse. Therefore, the US and its allies are trying to provide all kinds of aid to Ukraine.
The US President has stated unequivocally that his administration will continue to support Ukraine’s resistance to the Russian invasion.
Biden asked Congress on Thursday to approve an additional $33 billion in funding for Kyiv. “Biden’s latest proposal—which the White House said was expected to support Ukraine’s needs for five months—has more than $20 billion in military assistance for Kyiv and for shoring up defences in nearby countries. According to the report, there is also $8.5 billion in economic aid to help keep Ukrainian President Volodymyr Zelenskyy’s government functioning and $3 billion for food and humanitarian programmes around the world.
The proposed package is a large one in comparison to the $13.6 billion in defence and economic aid announced by the US and its allies last month for Ukraine.
Biden said, “The cost of this fight is not cheap, but caving to aggression is going to be more costly. It’s critical this funding gets approved as quickly as possible.“
Biden argued, “We’re not attacking Russia. We are helping Ukraine defend itself against Russian aggression. “
Campaign against oligarchs
Biden also asked Congress to approve new powers for him to seize and re-purpose the assets of Russian oligarchs and use the proceeds to help Ukraine. According to the report, “To date, European Union allies have frozen more than $30 billion in Russian assets, including almost $7 billion in luxury goods belonging to oligarchs, including yachts, art, real estate, and helicopters.”
The Biden administration is seeking to recognise as a criminal offence the “knowingly or intentionally” possession of proceeds “directly obtained from corrupt dealings with the Russian government”.
World Bank President David Malpass said last week that the war has already caused more than $60 billion in damage to buildings and infrastructure in Ukraine. And the IMF, in its latest world economic outlook, forecast that Ukraine’s economy will shrink by 35% this year and next, as reported by AP.