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US sending Ukraine another $1 billion, Yellen says in Kyiv

US 'will not accept' flood of below-cost Chinese goods: Yellen
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The United States is transferring an additional $1 billion to Ukraine as it fights to resist Russia’s invasion, US Treasury Secretary Janet Yellen said Monday.

On a trip to Kyiv following US President Joe Biden’s surprise visit last week, Yellen met with President Volodymyr Zelensky and announced the transfer of “an additional amount of over $1.2 billion” to the Ukrainian government.

This would be the first tranche of about $10 billion the US will provide in the coming months, she said in a speech in Kyiv.

“Our economic support is helping keep the Ukrainian government and critical service providers operational under extraordinary circumstances,” including by paying civil servants, firefighters and teachers, she said.

The United States, Ukraine’s key financial and military backer, has over the past year provided Kyiv with nearly $50 billion in assistance.

After his meeting with Yellen, Zelensky thanked Washington for “powerfully supporting us since the first days of this war not only with weapons, but also on the financial front”.

Ukraine has for years suffered endemic graft, and allies have pushed for progress to be able to continue sending arms and financial assistance.

In her speech, Yellen emphasised the importance of good governance, saying that “transparency and accountability will become even more important as Ukraine rebuilds its infrastructure and recovers from the impacts of the war”.

Yellen said Washington would also press for “more action” from allies such as the International Monetary Fund, whose managing director Kristalina Georgieva visited Kyiv last week.

“We expect to see the IMF move speedily toward establishing an ambitious and fully financed program,” Yellen said.

She also said Washington would focus this year on disrupting Russia’s attempts to evade Western sanctions.

“We will improve coordination with our allies,” Yellen said. “The United States will not hesitate to use our authorities to disrupt entities that help the Kremlin evade our sanctions.”

Ukraine’s allies have sought to use sanctions to choke off Russia’s ability to acquire weapons or produce them using imported components.

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Agence France-Presse (AFP) is a French international news agency headquartered in Paris, France. Founded in 1835 as Havas, it is the world's oldest news agency.

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