The House approved a massive spending bill Wednesday night that would rush $13.6 billion in U.S. aid to battered Ukraine and its European allies, after top Democrats were forced to abruptly drop their plan to include fresh funds to battle COVID-19.
Passage of the Ukraine aid and the $1.5 trillion government-wide legislation that carried it let both parties lay claim to election-year victories for their priorities. Democrats won treasured domestic initiatives, Republicans achieved defense boosts, and both got their imprint on funds to counter Russia's brutal invasion of its western neighbor. Senate approval was assured by week’s end or perhaps slightly longer.
“We’ve got a war going on in Ukraine,” Pelosi told reporters, explaining the urgency Democrats felt in making concessions in bargaining with Republicans. “We have important work that we’re doing here." She said with her party in the 50-50 Senate needing at least 10 GOP votes to pass legislation, Democrats “are going to have to know there has to be compromise."
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The Ukraine aid included $6.5 billion for the U.S. costs of sending troops and weapons to Eastern Europe and equipping allied forces there in response to Russian President Vladimir Putin’s invasion and repeated, bellicose threats. There was another $6.8 billion to care for refugees and provide economic aid to allies, and more to help federal agencies enforce economic sanctions against Russia and protect against cyber threats at home.
Biden had requested $10 billion for the package.
Pelosi said she talked to Ukrainian President Volodymyr Zelenskyy for 45 minutes Wednesday. She said they discussed the weapons and other assistance his country needs and “the crimes against humanity that Putin is committing,” including a Russian airstrike that destroyed a maternity hospital. “This is the beast that Putin is,” Pelosi said.
These are the companies pulling back from Russia
Other companies pulling back from Russia
- Equinor will also begin to exit its joint ventures in Russia, the Norwegian oil and gas company announced. "We are all deeply troubled by the invasion of Ukraine, which represents a terrible setback for the world," said CEO Anders Opedal. The company said it had $1.2 billion in long-term investments in Russia at the end of 2021. It has operated in Russia for more than 30 years and has a cooperation agreement with Rosneft.
- Norway's $1.3 trillion sovereign wealth fund will divest shares in 47 Russian companies as well as Russian government bonds, the Norwegian prime minister said.
- Moody's said it is suspending commercial operations in Russia. Its investors service will "maintain analytical coverage for existing ratings from outside Russia."
- Inditex, the parent company of Zara, said it is pausing operations in Russia and closing 502 stores in the country. In a statement, the company said Russia accounts for about 8.5% of its earnings before interest and tax.
- Mothercare is suspending business in Russia and stopping shipments there. "Our local partner has confirmed that it will be immediately pausing operations in some 120 stores and online," it said on March 9. Russia accounts for around 20% to 25% of sales for the retailer, which specializes in goods for parents and babies.
- Estée Lauder Companies said March 7 that it will "suspend all commercial activity in Russia, including closing every store we own and operate, as well as our brand sites and shipments to any of our retailers in Russia." The company had already suspended business investments and initiatives in Russia, it said in a statement.
- MSC, a Swiss-owned container shipping line, said its suspension would cover "all access areas, including Baltics, Black Sea and Far East Russia."
- French train maker Alstom said that it will "suspend all deliveries towards Russia" in a statement on March 9. The group is also suspending all future business investments in Russia, it added. Alstom owns a 20% stake — as a capital investment — in Transmashholding (TMH), the Russian locomotives and rail equipment provider. "There was no material business nor operational link between Alstom and TMH," the company said. "The book value will be re-assessed as part of the fiscal year 2021/22 closing accounts."
