Biden to Use Russian Oligarchs' Billions to Support Ukraine

U.S. President Joe Biden proposed to transfer the billions seized from Russian oligarchs to Ukraine, the White House announced on Thursday.

Reports revealed that Biden is set to ask Congress on Thursday for $33 billion in military, economic and humanitarian assistance to support Ukraine "for the next five months".

The package includes more than $20bn in military aid, $8.5bn in economic aid and $3bn in humanitarian aid to help Ukrainian citizens.

Part of the package also includes targeted funding to address economic disruptions in the U.S. as a result of the war in Ukraine, like helping increase U.S. production of wheat and soybeans, "and funding to allow the use of the Defense Production Act to expand domestic production of critical reserves -- of reserves of critical minerals and materials that have been disrupted by Putin's war and are necessary to make everything from defence systems to cars," a senior administration official said.

Moreover, the White House is requesting $3 billion in humanitarian assistance and food security funding.

Asked if the American President wants this package to move through Congress as a standalone bill or be paired with pending COVID-19 funding legislation, the official said: "It certainly makes sense for them to move together."