US Treasury secretary urges allies to step up financial aid to Ukrainepublished at 22:47 British Summer Time 17 May 2022
Allies of Ukraine need to step up their financial support to the country, US Treasury Secretary Janet Yellen has said.
In a speech to the Brussels Economic Forum, Yellen said in the short term Ukraine needed money to pay soldiers, employees and pensioners, as well as operate an economy that meets its citizens' basic needs, Reuters reported.
Soon Ukraine would need to repair critical utilities and services, and would eventually need "massive support" on the scale of the post-World War 2 Marshall Plan - which saw the US give $13bn to western European recovery programmes.
The US Senate has moved closer to passing a $40bn spending package of military and humanitarian aid.
She also suggested the EU could combine import tariffs on Russian oil with the phased embargo it is trying to put in place to shrink Russia's energy revenues.
The tariff concept will be presented at a G7 finance leaders meeting this week, Reuters reports.