House Approves Loan Guarantees for Ukraine

by Alec Torres

In a bipartisan 385 to 23 vote, the House of Representatives decided on Thursday to provide loan guarantees to Ukraine, Politico reports. President Obama already signed an executive order to extend $1 billion in loan guarantees to Ukraine, though this vote is the first Congressional action responding to Russia’s invasion of Ukraine.

President Obama’s executive order also authorized the Treasure Department to issue sanctions against “individuals and entities” responsible for Russia’s invasion of Crimea.

The House bill has no cap on the amount of money the U.S. can loan Ukraine. “Ukraine is an important partner to the United States, and this loan guarantee will help stabilize the Ukrainian economy during this period of political transition,” said Representative Kay Granger (R., Texas), chairwoman of the State and Foreign Operation Appropriations Committee.

The bill will next head to the Senate where senators led by Bob Corker (R., Tenn.) and Bob Menendez (D., N.J.) will work on a “more comprehensive” aid package, set to be complete next Tuesday.

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