June 29, 2022

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Yellen Calls on Europe to Boost Ukraine Aid

2 min read

BRUSSELS — Treasury Secretary Janet L. Yellen urged European nations on Tuesday to step up their spending to support Ukraine as Russia’s attacks on the country’s critical infrastructure showed few signs of abating.

The United States and Europe have coordinated closely in enacting sweeping sanctions against Russia in the nearly three months since its president, Vladimir V. Putin, ordered an invasion. But they have been less aligned on the need to help prop up Ukraine’s economy and to assist with its rebuilding once the war ends.

Congress has already approved a $13.6 billion emergency spending package for Ukraine and is expected to approve another $40 billion worth of aid. While the European Union and international financial institutions have also been making large aid contributions, Ms. Yellen said that more must be done.

“I sincerely ask all our partners to join us in increasing their financial support to Ukraine,” Ms. Yellen said in a speech at the Brussels Economic Forum, according to her prepared remarks. “Our joint efforts are critical to help ensure Ukraine’s democracy prevails over Putin’s aggression.”

The Treasury secretary is in the midst of a weeklong trip to Europe, with stops in Warsaw, Brussels and Bonn, Germany, where she will meet her counterparts at the Group of 7 finance ministers summit. Aid to Ukraine is expected to be a central topic at that meeting.

Ms. Yellen said that Ukraine’s financial needs are immediate and that it lacks funding to pay soldiers, pensioners and employees to keep its government running.

“What’s clear is that the bilateral and multilateral support announced so far will not be sufficient to address Ukraine’s needs, even in the short term,” she said.

Whether her call will be heeded remains to be seen. European nations are facing their own economic strain, including rapid inflation and soaring energy costs, and big challenges lie ahead as they look to wean themselves off Russian energy.

Ms. Yellen said…

Alan Rappeport

2022-05-17 06:27:58

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