By Mike Stone
SIMI VALLEY, California (Reuters) -The United States is readying a $988 million package of new additional arms and equipment to Ukraine for its ongoing fight against Russia’s invasion, according to a document seen by Reuters.
It nearly halves the available $2.21 billion remaining in Ukraine Security Assistance Initiative as the Biden administration works to commit to buying weapons from industry, rather than pull from U.S. weapons stocks.
The USAI funds will be put toward buying ammunition for High Mobility Artillery Rocket Systems (HIMARS) made by Lockheed Martin (NYSE:) as well as drones, according to the document seen by Reuters.
Announcement of the package was expected on Saturday as the defense industry and policy makers meet at the annual Reagan National Defense Forum in California.
The Biden administration has often used Presidential Drawdown Authority, which authorizes President Joe Biden to transfer excess articles and services from U.S. stocks without congressional approval during an emergency.
The USAI funds are separate and will go to purchase new weapons from industry.
The Biden administration still has about $6 billion of congressionally granted presidential drawdown authority, including funds authorized in 2024 and funds discovered by the Pentagon after overestimating the value of arms shipped to Ukraine.
Since the Russian invasion in February 2022 the U.S. has committed more than $62 billion worth of security assistance to Ukraine.
