Biden administration mulls $1 billion loan guarantee to Ukraine

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Biden administration plans to offer Ukraine up to $1 billion in loan guarantees, White House chief deputy press secretary says Karine Jean-PierreKarine Jean-PierreOvernight Health Care – White House sees rapid uptake of free tests White House says 60 million households have ordered free COVID-19 tests The Hill’s 12:30 Report – Presented by Facebook – Actor John Krasinski films in front of the White House MORE told reporters on Monday.

“This is something that we are considering as part of the additional macroeconomic support that we are exploring to help the Ukrainian economy in the face of pressure resulting from Russia’s military build-up,” Jean-Pierre said during a briefing on Monday after -midday.

White House National Security Advisor JakeSullivanJake SullivanUS set to withdraw all staff from Kyiv within 48 hours: report Harris travels to Munich at pivotal moment KLM airline cancels flights to Ukraine amid rising tensions MORE raised the idea of ​​the loan guarantee during a briefing with lawmakers on Capitol Hill earlier Monday, according to a source familiar with the call.

A loan guarantee could help ease the burden on Ukraine’s economy and help stabilize markets, the source suggested.

It’s unclear what else the administration is planning under the macroeconomic support package, but the threat of war with Russia has already impacted Ukraine’s economy. Reuters reported that the Ukrainian hryvnia, its currency, hit a roughly three-week low on Monday.

The Ukrainian government has also extended funding to cover the cost of airline insurance to continue operating commercial flights in the country, Reuters reported, allocating around $592 million.

The United States has regularly provided security assistance to Ukraine as the country faces a growing threat from Russia, which has amassed more than 100,000 troops on the Ukrainian border.

The Ukrainian economy, as well as the wider European economy, is likely to be affected in the event of Russian military action against the country.

Biden administration officials warn a Russian invasion of Ukraine could happen at any time, though they say the United States has not assessed the Russian president Vladimir PoutineVladimir Vladimirovich PutinPope leads crowd in silent prayer for Ukraine US officials warn diplomatic efforts ‘shrink’ amid Russian-Ukrainian tensions If Russia invades Ukraine, what’s next? FOLLOWING decided to invade.

Biden spoke to Putin over the weekend and warned him that the United States and its allies would respond with “swift and severe costs” to Russia if it invaded Ukraine, according to the White House. Biden also spoke with Ukrainian President Volodymyr Zelensky on Sunday.

Officials say the Biden administration is preparing a package of sanctions and export controls that it would use in the event of a military incursion.

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