US announces financial aid of $500 million for Ukraine

Treasury Secretary Janet Yellen explained that it's essential to help Ukraine's government continue to function amid the ongoing Russian invasion.   

The United States will provide Ukraine with a new $500 million aid infusion to assist the Kyiv government in continuing to pay salaries and pensions and providing services, Janet Yellen, Treasury Secretary, announced on Thursday. 

Yellen explained the aid following her meeting on Wednesday with Ukraine's PM Denys Shmyhal and Finance Minister Sergiy Marchenko, stating it's essential to help their government continue to function amid the ongoing Russian invasion. 

Yellen stated that Ukraine's needs are urgent, and they plan to deploy the direct aid to Ukraine as soon as possible to be used on the most pressing needs. 

Adding that they understand this is just the beginning of what Ukraine will need to rebuild. And they are committed to working with Congress and international allies to build on the support over the medium and long term.

Ukrainian President Volodymyr Zelenskyy, while addressing leaders of the International Monetary Fund and World Bank through a video link, stated that the country requires $7 billion a month to function after the economic losses inflicted by Russia.

He added that the Russian military aims to destroy all Ukraine objects that serve as an economic base for life, including railroad stations, food warehouses, oil, and refineries.

The American assistance follows another $500 million package of assistance offered by Washington to Ukraine last month and comes as Western nations and the IMF and World Bank increase aid to Kyiv as fighting rages in the country's east and south.

Despite billions of dollars in Western military aid, which has forced Russia to refocus its offensive away from Kyiv and towards the east, Zelenskyy has called for more weapons stating they don't have enough weapons.