Today’s $50 billion loan to Ukraine shows Vladimir Putin we are “not backing down”, Joe Biden said at the G7 Summit in Italy.
Speaking alongside Volodymyr Zelensky, the Ukrainian president, Mr Biden said he was “very pleased” with the loan, which is secured against $260 billion in frozen Russian assets.
“To put that money to work for Ukraine [is] another reminder to Putin we’re not backing down. In fact, we’re standing together against this illegal aggression,” he said.
Mr Biden also announced that the US had signed a 10-year security pact with Ukraine to continue training Ukrainian troops, providing weapons and increase intelligence sharing.
“Our goal is to strengthen Ukraine’s credible defence and deterrence capabilities for the long term,” he declared. However, the agreement may be undone by a future president because it is an executive order rather than a formal treaty.
Mr Biden said: “A lasting peace for Ukraine must be underwritten by Ukraine’s own ability to defend itself now, and to deter future aggression, anytime in the future.”
“The United States going to ensure that Ukraine can do both, not by sending American troops to fight in Ukraine, but by providing weapons and ammunition, expanding intelligence sharing, continuing to train brave Ukrainian troops at bases in Europe and the United States.
“Interoperability between our militaries in line with Nato standards, investing in Ukraine’s defence industrial base so in time, in time, they can supply their own weapons and munitions.”
Volodymyr Zelensky said that fighter squadrons would be sent to aid the Ukrainian war effort as part of the security agreement.
“The agreement has good provisions on weapons for our defence… very specifically on the supply of fighter squadrons to Ukraine,” he said.
“That’s right, plural – squadrons. Including, but not limited to F-16s. We have worked for a long time for these.”
The 10-year pact will last not just for the “duration of this war, but also, also for the period of peace after the war,” he added. “And we will definitely ensure peace.”
