'Vladimir Putin's war has been a strategic failure... Ukraine still stands'

By Vipin Vijayan | First Published Feb 23, 2023, 7:59 PM IST

"Russian military is struggling to replace over 9,000 pieces of heavy military equipment that it has lost since February 2022. It has suffered production shut-downs at key defence-industrial facilities," US Treasury Secretary Janet L Yellen

"Vladimir Putin's war has been a strategic failure for the Kremlin. Ukraine still stands," US Treasury Secretary Janet L Yellen said after arriving in Bengaluru for the first G20 Finance Ministers and Central Bank Governors (FMCBG) meeting starting on February 24.

"When Vladimir Putin launched his brutal assault one year ago, some believed that Russia would secure a quick and decisive victory over Kyiv. Putin himself thought that he would achieve a victory 'at minimal cost', in the words of CIA director Bill Burns. One year later, Putin's war has been a strategic failure for the Kremlin. Ukraine still stands. And NATO and our global coalition stand united behind it." she said.

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"Our twin goals are to degrade Russia's military-industrial complex and reduce the revenues that it can use to fund its war. We are seeing the impacts of these actions. The Russian military is struggling to replace over 9,000 pieces of heavy military equipment that it has lost since February 2022. It has suffered production shut-downs at key defence-industrial facilities. Further, Russia's economy has become increasingly isolated. Estimates indicate that nearly a million Russians may have left the country last year. This is putting downward pressure on its productive capacity going forward," she added.

Stating that Ukraine had mounted a heroic resistance, Janet said: "We have seen the bravery of the Ukrainian military on the battlefield. We have seen the steady hand of Ukraine’s economic and finance officials. Under extraordinary circumstances, they have fought to preserve Ukraine’s economic and financial stability. And, of course, we have seen the strength of the Ukrainian people. They are standing strong amid a terrible war."

Talking about the assistance provided by to Kyiv, the treasury secretary said that the United States provided over $46 billion in security, economic, and humanitarian assistance to Ukraine. The United States military assistance includes key defensive weapons that Ukraine has requested, such as the Patriot missile defence system.

"Our economic assistance is making Ukraine's resistance possible by supporting the home front: funding critical public services and helping keep the government running. In the coming months, we expect to provide around $10 billion in additional economic support for Ukraine," Janet said.

Janet reiterated US President Joe Biden's commitment that the country would stand with Ukraine in its fight for as long as it takes. Calling upon the International Monetary Fund to move swiftly toward a fully-financed program for Ukraine, she said that continued, robust support for Ukraine would be a major topic of discussion during her time in India.

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