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US tells Europe to give more money to Ukraine

Janet Yellen from Treasury declared that the US and allies should pay Ukrainian workers and cover reconstruction costs.

Treasury Secretary Janet Yellen called on Tuesday for the US’ allies to pay Ukrainian wages and rebuild infrastructure in the war-torn country. Yellen stated that Ukraine will need the money the US and Europe have already spent on Ukraine, claiming it is not enough to support the country. “massive support”on the post-1942 Marshall Plan.

While US legislators are poised to approve a $40 Billion package of economic and military aid to Ukraine, and US agencies there involved, Yellen addressed Tuesday’s Brussels Economic Forum in an effort to persuade European leaders not to close their doors to Kiev.

“I sincerely ask all our partners to join us in increasing their financial support to Ukraine,”Sie said.

Ukraine requires budget financing to pay its soldiers, pensioners and employees, as well to run an economy that provides basic necessities for its citizens.

The EU will soon have committed four consecutive €500 million ($520 million) packages of military aid to Ukraine since February, and €1.2 billion ($1.26 billion) worth of emergency loans since January. However, the Ukrainian government claims to need around $5 billion per month to keep the country’s economy alive. 

“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,” Yellen declared. 

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EU gives Ukraine a military assistance boost

On Wednesday, EU leaders will gather to discuss new financial assistance to Kiev. A Guardian report claims that the EU is looking to raise money on global markets for Ukraine to pay off its debts and provide non-repayable grants to help it. Officials from the EU are also looking into whether assets taken from sanctions Russians or Belarusians could be used to fund this assistance package.

According to Reuters’ sources, the package being discussed in Brussels would cover Ukraine’s expenses for roughly two months.

Yellen stated that Ukraine will need Ukraine in the long-term. “massive support,” on the scale of the US’ post-World War II Marshall Plan for Europe, to rebuild its economy and infrastructure.

The extent to which the EU can finance this reconstruction project is still unclear. The bloc’s 27 member states are currently grappling with skyrocketing inflation and energy costs, partly due to Brussels’ ongoing efforts to reduce energy imports from Russia. Yellen said that the US would increase exports of American liquefied gas to Europe. However, it is more expensive to transport this fuel from the US than to pipe it from Russia.

Russian President Vladimir Putin stated Tuesday that European nations are engaging in economic crimes. “suicide”By trying to wean them off Russian oil and gasoline, they are accused of succumbing to pressure “from their American overlord”Without “paying any attention to the damage that they have already caused their own economy.”

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