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May 10, 2022

US President Biden signs law to expedite arms supply to Ukraine

The new law eliminates certain requirements for lending or leasing military equipment to Ukraine.

Understand the impact of the Ukraine conflict from a cross-sector perspective with the Global Data Executive Briefing: Ukraine Conflict

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Latest Updates on the Ukraine/Russia Crisis

Whilst at its core a humanitarian crisis, the Russian invasion of Ukraine risks adding materially to existing global economic and supply challenges. We are likely heading into a period in which geopolitics will become a regular part of boardroom discussions. Recent developments have seen Russian companies make significant progress around the world to supply countries with equipment in various Aerospace, Defense & Security sectors. This means that countries dependent on Russian arms for their security calculations should review all purchases and clauses regarding their programs and payments. Download GlobalData’s 5th Ukraine Conflict Executive Briefing to learn more. This report is part of a continued series that is renewed monthly with the latest data and analysis, as the conflict develops and has wider implications across sectors. Access the latest macro-economic forecasts, charts with the latest data, and our updated sanctions tracker, as well as our updated sector scorecards to reflect the current views on the impact of the crisis at a company level.
by GlobalData
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US President Joe Biden has signed a new bill into law to streamline defence aid deliveries to Ukraine as the country continues to fight off the Russian invasion.

The new legislation, called the Ukraine Democracy Defense Lend-Lease Act of 2022, eliminates certain requirements for lending or leasing military equipment to Ukraine through fiscal year 2023. The exemptions are expected to expedite arms supply to Kyiv.

Weaponry loaned to Ukraine would be subject to all applicable laws related to the return of such equipment.

The changes will also benefit other Eastern European countries apart from Ukraine.

In a statement, the US Department of Defense (DoD) said: “Under current law, payments received under leasing agreements with foreign countries are deposited in the Treasury Department as miscellaneous receipts and are classified as direct spending. 

“This act could increase amounts deposited in the treasury if the administration lends or leases equipment that it otherwise would not have provided under current law.”

The US enacted a similar law during World War II to help the UK, France, China, the Soviet Union, and other allied forces.

Under Land Lease, approximately $50.1bn worth of supplies were provided by the US during the war. The figure is equivalent to $690bn in 2020.

Spirit of America, a US-based non-profit charity that supports troops and veterans, has shipped nearly 50t of non-lethal aid to Ukrainian soldiers deployed in the eastern war zone of the country.

The aid includes bulletproof vests, helmets, combat boots, and first aid kits.

Canada also recently announced additional military assistance for Ukraine.

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Free Report
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Latest Updates on the Ukraine/Russia Crisis

Whilst at its core a humanitarian crisis, the Russian invasion of Ukraine risks adding materially to existing global economic and supply challenges. We are likely heading into a period in which geopolitics will become a regular part of boardroom discussions. Recent developments have seen Russian companies make significant progress around the world to supply countries with equipment in various Aerospace, Defense & Security sectors. This means that countries dependent on Russian arms for their security calculations should review all purchases and clauses regarding their programs and payments. Download GlobalData’s 5th Ukraine Conflict Executive Briefing to learn more. This report is part of a continued series that is renewed monthly with the latest data and analysis, as the conflict develops and has wider implications across sectors. Access the latest macro-economic forecasts, charts with the latest data, and our updated sanctions tracker, as well as our updated sector scorecards to reflect the current views on the impact of the crisis at a company level.
by GlobalData
Enter your details here to receive your free Report.

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