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May 11, 2022

US House of Representatives approves $40bn Ukraine aid bill

The announcement comes two weeks after US President Joe Biden asked Congress to approve a $33bn aid package for 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.
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The House of Representatives, the lower house of the US Congress, has approved a bill that would provide $40bn in new aid to Ukraine.

The House voted 368-57 to pass the bill. It now proceeds to the upper house Senate for approval.

This comes two weeks after US President Joe Biden asked Congress to approve a $33bn aid package for Ukraine. The lawmakers agreed to increase the package to further strengthen military and humanitarian allocations.

According to a Reuters report, the new package allocates $6bn for security assistance. This includes training, equipment, weapons, and related support.

It also includes an additional $8.7bn to restock US equipment delivered to Ukraine and $3.9bn for European Command operations.

The potential legislation will also provide $11bn in Presidential Drawdown Authority that will allow President Biden to transfer arms and services to Ukraine from the US military inventory.

The US increased military and other forms of assistance to Ukraine after it was invaded by Russia in February. It is said to have delivered more than $3.5bn of weaponry to the embattled nation since the invasion started.

This includes sending howitzers, anti-aircraft Stinger systems, anti-tank Javelin missiles, ammunition, and drones.

President Biden also recently signed a new bill into law to streamline the delivery of military aid to Ukraine.

Canada and the UK have also announced additional military aid for Ukraine.

Belarussian President Alexander Lukashenko said that Moscow will support the country to develop missiles similar to the Iskander used by the Russian military.

Russia had used the Iskander missile systems in Ukraine, reported Reuters.

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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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