The White House is ready to write off $4.65 billion of Ukraine's debt in economic assistance: decision awaits Congress.

The Biden administration has proposed to erase approximately $5 billion of Ukraine's debt.

The proposal was sent to Congress and constitutes half of the amount of economic assistance provided to Ukraine.

According to the Ukraine Security Supplemental Appropriations Act, passed by Congress in April 2024, the president has the authority to erase 50% of this amount after November 15, 2024, while the next president will be able to erase the rest from January 1, 2026.

This decision is in accordance with the provisions of the law, - stated State Department spokesman Matthew Miller. - Now it depends on Congress. I am confident that Congress will support this decision, as assistance to Ukraine has strong bipartisan support.