Stocks Slide After Biden To Send Drones To Ukraine As Part Of Aid Package

Update (1433ET): After some confusion earlier, the US has confirmed that “tactical” switchblade drones being sent to Ukraine will be armed, according to Politico.

BREAKING: U.S. sending armed Switchblade drones to Ukraine in $800 million package https://t.co/GmMMvleSBk via @politico @paulmcleary and @alexbward have the scoop, of course

— Ben Pauker (@benpauker) March 16, 2022

During Biden’s Wednesday speech, he accused Russia of committing “atrocities” in Ukraine, and commended President Volodomyr Zelensky for a “convincing” speech to US Congress earlier in the day.

In addition to the armed drones, the US will provide assistance obtaining a longer-range anti-aircraft system, 800 stinger anti-aircraft missiles, 9,000 anti-tank missiles and 7,000 small arms – plus 20 million rounds of ammunition, according to a White House statement.

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Update:

*BIDEN SAYS U.S. WILL PROVIDE UKRAINE WITH ARMED DRONES

*BIDEN: WILL PROVIDE ADDITIONAL $800M IN UKRAINE SECURITY AID

Stocks turned down sharply following Biden’s comments.

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President Biden is expected to announce an additional $800 million in military aid for Ukraine, which would bring the total US support up to $1 billion in the last week alone, and more than $2 billion since Biden took office, according to USA Today.

Biden’s speech comes hours after Ukrainian President Volodomyr Zelensky received a standing ovation for a short virtual speech to members of Congress, in which he pleaded for the US to establish a no-fly zone.

Watch:

More via USA Today:

The $800 million will mean more than $2 billion in U.S. aid has gone to Ukraine since Biden entered office. The money has paid for an assortment of military equipment including 600 Stinger anti-aircraft systems, 2,600 Javelin anti-armor systems, nearly 40 million rounds of small arms ammunition, 200 grenade launchers and ammunition, 200 shotguns and 200 machine guns, according to the White House.

Hours earlier, Zelensky invoked 9/11, MLK, and Pearl Harbor in an emotional plea to the West to do more to stop the Russian invasion.

“I am addressing President Biden, you are the leader of the nation, your nation. I wish you to be the leader of the world. Being the leader of the world means to be the leader of peace,” Zelensky said. “Right now, the destiny of our country is being decided, the destiny of our people.”

“I call on you to do more,” he added.