Biden Inks Ukraine Lend-Lease Act To Speed Up Weapons Shipments
US President Joe Biden has signed the Ukraine Democracy Defense Lend-Lease Act to make it easier for the US to supply weapons to Ukraine. Under the law, Ukraine can request streamlined transfers of US weapons and other security assistance, Kyiv Independent reported.
Photo Insert: US President Joe Biden signs the Ukraine Democracy Defense Lend-Lease Act to ease the supply of US weapons to Ukraine.
The name of the act evokes the lend-lease act under which the US supplied allies during World War II.
“The cost of the fight is not cheap, but caving to aggression is even more costly,” President Joe Biden said. In a related development, Josep Borrell, the foreign affairs chief of the European Union (EU), said the EU should seize Russian reserves to rebuild Ukraine.
He told the Financial Times that the bloc should consider seizing frozen Russian foreign exchange reserves to help pay for the cost of rebuilding Ukraine after the war.
Politico has also reported that the European Commission is discussing joint borrowing for Ukraine. Plans are underway to issue a new EU debt to cover Ukraine’s short-term financing needs, said diplomatic sources.
According to the Ukrainian government and the International Monetary Fund (IMF), Ukraine needs $5 billion per month to maintain its economy. The US has agreed to cover one-third, and this plan aims to cover the rest.
The US has suspended 232 tariffs on Ukrainian steel and steel products for one year. On May 9, 2022, the US Department of Commerce said that Ukraine’s steel communities have been among those “hardest hit by Putin’s barbarism.”
The statement added that the Azovstal steel plant in Mariupol has become a “lasting symbol of Ukraine’s determination to resist Russian aggression.”