Current:Home > InvestJanet Yellen visits Ukraine and pledges even more U.S. economic aid -ApexWealth
Janet Yellen visits Ukraine and pledges even more U.S. economic aid
View
Date:2025-04-15 04:21:12
KYIV, Ukraine — U.S. Treasury Secretary Janet Yellen made a surprise visit to Ukraine Monday, in which she reaffirmed America's support for the country and announced $1.25 billion in economic aid for things like schools and hospitals.
The money is the first part of a new $9.9 billion package of civilian aid for Ukraine as its war with Russia enters a second year.
"Our funds help pay for emergency personnel: from firefighters who answer the call when missiles strike to medical professionals who treat sick and wounded civilians," Yellen said at a Kyiv school that the United States helped rebuild after Russian shelling broke most of the windows and doors last spring.
Last month, Ukraine's government said it faced an almost $25 billion budget shortfall since Russia invaded the country in February 2022, particularly after making income taxes optional during wartime. Various ministries have struggled to cover expenses without foreign support.
"Our salaries have stayed the same throughout the war, in large part thanks to the Americans' support," high school chemistry teacher Lara Chuvikina told NPR. The U.S. also funded a bomb shelter and elevator at the school.
"We want our students to return to normal," Chuvikina said.
As well as visiting the Ukrainian school, the U.S. Treasury chief met with Ukrainian President Volodymr Zelenskyy and the country's prime minister, Denys Shmyhal.
Her visit came a week after a surprise appearance in Kyiv by President Biden — both trips signaling the administration's continued support for the country.
Yellen said the United States has provided about $50 billion to Ukraine in military, economic and humanitarian aid over the past year.
"Just as security assistance bolsters the front lines, I believe that this economic assistance is fortifying the home front, thereby strengthening Ukraine's resistance," she said.
Yellen stopped in Kyiv on her way home from a prickly meeting of Group of 20 nations' finance ministers in India. Several large economies including India, China and Turkey have refused to join U.S.-led sanctions against Russia. Over the weekend, China declined to sign onto a G-20 declaration condemning Russia's invasion.
During her remarks Monday, Yellen noted that sanctions remain an important tool to counter Russia's "military-industrial complex," but acknowledged that Russia buys many goods secondhand through neutral countries.
That makes manufactured goods like microchips, which are vital for manufacturing weapons, relatively easy to acquire in Russia. And microchip imports into Russia have increased dramatically in the past year, according to research from Elina Ribakova, deputy chief economist at the Institute of International Finance.
Yellen said that sanctions evasion would be a priority for the Treasury Department in 2023, but did not provide many details about how to tackle it.
She also refused to answer questions about whether the U.S. would levy sanctions on China if it exported weapons to Russia, following U.S. Secretary of State Antony Blinken's remarks on CBS News that Beijing is allegedly considering supplying lethal support to Moscow.
"Our coalition of over 30 countries has mounted the swiftest, most unified and most ambitious sanctions regime in modern history," Yellen said.
While the sanctions have been broad, observers note that many figures have still gone unpenalized for helping Moscow.
"There are Russian companies, oligarchs, and organizations contributing to the Russian war effort that the U.S. hasn't sanctioned yet," said Mykola Murskyj, director of government affairs at Razom for Ukraine, a U.S.-based human rights group.
Yellen touted U.S.-led efforts to place price caps on Russian oil and other fuel products. Yet some analysts say these measures have not had the desired effect.
"Clearly this is an insufficient incentive for Russia to end the invasion," Murskyj said.
veryGood! (78)
Related
- Arkansas State Police probe death of woman found after officer
- St. Louis lawyer David Wasinger wins GOP primary for Missouri lieutenant governor
- US auto safety agency seeks information from Tesla on fatal Cybertruck crash and fire in Texas
- How effective is the Hyundai, Kia anti-theft software? New study offers insights.
- As Trump Enters Office, a Ripe Oil and Gas Target Appears: An Alabama National Forest
- IOC's decision to separate speed climbing from other disciplines paying off
- Tribe Sues Interior Department Over Approval of Arizona Lithium Project
- High-profile former North Dakota lawmaker to plead guilty in court to traveling for sex with a minor
- Tarte Shape Tape Concealer Sells Once Every 4 Seconds: Get 50% Off Before It's Gone
- Jury selection set for Monday for ex-politician accused of killing Las Vegas investigative reporter
Ranking
- Alex Murdaugh’s murder appeal cites biased clerk and prejudicial evidence
- NCAA hands former Michigan coach Jim Harbaugh a 4-year show cause order for recruiting violations
- FBI: California woman brought sword, whip and other weapons into Capitol during Jan. 6 riot
- Audit: California risked millions in homelessness funds due to poor anti-fraud protections
- The Super Bowl could end in a 'three
- Intel stock just got crushed. Could it go even lower?
- Claim to Fame Reveal of Michael Jackson's Relative Is a True Thriller
- Olympic medals today: What is the medal count at 2024 Paris Games on Thursday?
Recommendation
South Korea's acting president moves to reassure allies, calm markets after Yoon impeachment
Rapper Nelly is arrested for suspected drug possession at St. Louis-area casino
Hikers get video of dramatic snake fight between two venomous Massachusetts rattlers: Watch
These Lululemon Finds Are Too Irresistible to Skip—Align Leggings for $39, Tops for $24 & More Must-Haves
Krispy Kreme offers a free dozen Grinch green doughnuts: When to get the deal
High-profile former North Dakota lawmaker to plead guilty in court to traveling for sex with a minor
Organizers cancel Taylor Swift concerts in Vienna over fears of an attack
NCAA President Charlie Baker would be 'shocked' if women's tournament revenue units isn't passed