On the final day of the NATO summit in Madrid, President Biden declared that the US and NATO will support Ukraine for ‘as long as it takes’ for Kyiv to win its war against Russia. He also said that his administration will be announcing a new $800 million weapons package for Ukraine in the coming days.
“We are going to stick with Ukraine and all of the Alliance is going to stick with Ukraine as long as it takes to, in fact, make sure that they are not defeated by… Russia,” Biden said at a press conference.
When asked how long Americans should expect to pay high gas prices that have spiked as a result of his sanctions on Russia, Biden also said for “as long as it takes” so Russia cannot “defeat Ukraine.”
As Russia is making more money from oil sales now than it was before the war, the US is looking at ways to hamper Moscow’s profits while not causing another spike in prices. One idea G7 leaders are exploring is placing a price cap on Russian oil, a plan doomed to fail as it would need the cooperation of Vladimir Putin as well as China and India, which have significantly stepped up their imports of Russian crude.
“I suggested a while ago that what we should consider doing is putting a cap on the amount of money that… the world would pay for Russian oil,” Biden told reporters. He said that he delegated a team to “sit down and work out that mechanism” for the price cap. “We think it can be done,” he said.
Swedish bank analysts are warning that the price cap could bring oil prices to over $200 per barrel. Russia could respond to the policy by cutting off Western countries that are still purchasing Russian oil, which would drive gas prices even higher in Europe.
Biden’s pledge for open-ended support for Ukraine to win its war came after CNN reported that White House officials privately doubt that Ukraine can win back all the territory Russia has captured since it invaded. Ukrainian President Volodymyr Zelensky maintains that it is his goal to take all of that territory back even as Russia continues to make gains in the eastern Donbas region.
The Ukrainians are outgunned by Russia and their war effort is entirely reliant on Western military support. Biden said the new $800 million weapons package that will be detailed this week will include an “advanced” Western air defense system, more artillery and ammunition, including ammunition for the High Mobility Artillery Rocket Systems, and counter-battery radars.