As G20 finance chiefs gather, Yellen calls for more economic aid to Ukraine

Yellen, speaking at a news conference in India on the eve of the first anniversary of the Russian invasion, said it was critical for the International Monetary Fund to "move swiftly" towards a fully financed loan program for Ukraine.

"As President Biden has said, we will stand with Ukraine in its fight – for as long as it takes," she said. "Continued, robust support for Ukraine will be a major topic of discussion during my time here in India."

Yellen is to join other finance ministers and heads of central banks from the Group of 20 nations on Friday for a meeting at a resort near the tech hub of Bengaluru. It is the first major meeting of India's year-long presidency of the bloc, which includes G7 countries as well as Russia, China, Brazil, and Saudi Arabia.

Ukraine is seeking a $15 billion multi-year IMF program, Prime Minister Denys Shmyhal said on Monday after meeting IMF Managing Director Kristalina Georgieva in Kyiv.

Yellen said that previous US military, economic and humanitarian aid totaling $46 billion has allowed Ukraine to preserve economic and financial stability under "extraordinary circumstances."

"Our economic assistance is making Ukraine’s resistance possible by supporting the home front: funding critical public services and helping keep the government running. In the coming months, we expect to provide around $10 billion in additional economic support for Ukraine."

India, which has kept a neutral stance on the war, does not want additional sanctions against Russia to be discussed at the G20 meetings, government sources have told Reuters. India also was pressing participants to avoid using "war" in communique language to describe the conflict, G20 officials said.

But Yellen said she would like to see forceful condemnation of the war and stressed that past G20 statements had contained strong language on the Ukraine conflict.