Ukraine Recap: Biden Worries That US House Turmoil Endangers Aid

(Bloomberg) -- US funding for Ukraine faces a new hurdle in Congress after Representative Kevin McCarthy’s ouster as House speaker gave Republican hardliners an opening to stall the next round of aid to Kyiv. President Joe Biden said he’s planning a “major speech” on the need for additional aid, acknowledging that “it does worry me” that the disarray in the House threatens further funding.

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But Senate Majority Leader Chuck Schumer said he’s working with his Republican counterpart, Mitch McConnell, on a substantial package of Ukraine aid. And UK Defence Secretary Grant Shapps told Bloomberg Television that he would work with NATO allies and other world leaders on ensuring aid still flows.

Leaders from almost 50 European countries will try to show unity in support of Ukraine when they gather later this week in Spain, as concerns are mounting over the reliability of US funding and over a new potential ally of Moscow on the continent after Robert Fico, a candidate sympathetic to Russia, won Slovakia’s election.

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Markets

Oil remained under pressure after a widespread selloff in global financial markets, even as Saudi Arabia and Russia reaffirmed that they will continue output curbs until the end of the year.

Coming Up

• EU leaders at European Political Community meeting in Granada, Spain, on Thursday

• EU leaders take part in informal EU summit in Granada on Friday

• Nobel Peace Prize awarded by Norwegian Nobel Institute on Friday

• NATO’s Parliamentary Assembly in Copenhagen starting Friday

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