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Statement from Secretary of the Treasury Janet L. Yellen on Passage of the National Security Supplemental

I commend the United States Senate and House of Representatives on passing the National Security Supplemental, including much needed military, economic, and humanitarian support for Ukraine in its courageous fight against Russia’s brutal invasion. This vital – and long overdue – assistance will bolster Ukraine’s capabilities on the battlefield. Our economic support will ensure that Ukraine’s homefront does not collapse and essential government services, such as emergency response, continue to function, even while all of Ukraine’s government tax revenue is directed to the war effort.

Importantly, U.S. economic support to Ukraine benefits from an unprecedented level of transparency and continues to promote critical reforms that will increase Ukraine’s economic resilience. In addition to commitments from other international partners, including the European Union’s €50 billion Ukraine Facility, U.S. economic support will uphold $15.6 billion in financing from the International Monetary Fund.

While the passage of this supplemental marks important progress and will help address Ukraine’s acute needs, I believe it is critical that we also secure economic and security assistance for Ukraine in the medium- and long-term. We are currently engaged in a battle of wills with Putin and his authoritarian regime over the very foundations of our global system, and we must make clear to him, and his allies, that he cannot simply wait us out. That’s why I continue to believe it is necessary and urgent for our international coalition to unlock the value of immobilized Russian sovereign assets to support Ukraine’s continued resilience and reconstruction. Congress took an important step in that effort with the passage of the REPO Act, and I will continue intensive discussions with our G7 partners in the weeks ahead on a collective path forward.

Through this legislation, Congress and the Biden-Harris Administration have advanced our national security interests, strengthened an international system that underpins the U.S. and global economy, and reasserted the United States’ global leadership role. We remain steadfast in our support for Ukraine as it fights for its sovereignty, territorial integrity, and freedom. Together, we must continue to demonstrate that the United States will stand by the values and principles that make us a great country, and that we will not turn our back on our partners

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Official news published at https://home.treasury.gov/news/press-releases/jy2294

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