Accounting Error Leads to Release of $200Mln in Arms to Kyiv from US
President Joe Biden’s administration will announce $200 million in new weapons aid for Ukraine as early as Tuesday, according to US officials, as it begins to distribute $6.2 billion in funds discovered after a Pentagon accounting error over-valued billions of dollars in Ukraine aid, two US officials said on Monday.
The Pentagon announced in May that it had mistakenly assigned a higher-than-warranted value to US weaponry shipped to Kyiv when staff used “replacement value” instead of “depreciated value” to calculate the billions of dollars worth of ammunition, missiles, and other equipment sent to Ukraine.
Ukraine requires weaponry that can be shipped from US stocks in a matter of days or weeks in order to continue fighting Russia’s invasion; the accounting error worked in Kyiv’s favor because more equipment can be sent.
US officials said that the government had discovered funds worth $25.5 billion previously authorized for the Presidential Drawdown Authority (PDA). This authority allows the administration to use the funds to send weapons from US stocks in an emergency. This $25.5 billion is the total amount available for this purpose.
The Washington government is currently working on a supplementary budget request to continue assisting Kyiv.
On Tuesday, there is expected to be an announcement of $200 million, the first part of a larger windfall of $6.2 billion previously authorized for the Presidential Drawdown Authority (PDA). This $6.2 billion will be used to provide additional aid.
The package of aid includes various items such as mine clearing equipment, anti-tank weapons (TOW and AT4), guns and ammunition, and air defense interceptors for the Patriot system made by Lockheed Martin Corp.
Guided Multiple Launch Rocket System (GMLRS) rockets and Javelin anti-tank missiles made by a joint venture between Lockheed and RTX Corp., along with other equipment. (Reporting by Mike Stone in Washington; Editing by David Gregorio)
Previous Military Aid Support
A year ago, President Joe Biden’s administration prepared about $800 million in additional military aid for Ukraine.
The aid was authorized by President Biden using his Presidential Drawdown Authority, which allowed the transfer of excess weapons from U.S. stocks, the sources told Reuters.
At that time, the White House had declined to comment on this matter.
Since Russian troops poured over the Ukrainian border in February in what Russian President Vladimir Putin termed a “special military operation,” the conflict has settled into a war of attrition fought primarily in the east and south of Ukraine.
In response to the ongoing crisis, Washington sent billions of dollars in security assistance to the Kyiv government, reaffirming its commitment to support Ukraine’s defense efforts. ( Report by Patricia Zengerle, Idrees Ali, and Steve Holland in Washington; Editing by Leslie Adler and Matthew Lewis)
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Source: Yahoo! Finance, Reuters
