By Mike Stone
SIMI VALLEY, California (Reuters) -The United States unveiled a $988 million aid package of new arms and equipment to Ukraine for its ongoing fight against Russia's invasion on Saturday.
The package 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 pulling 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:LMT) as well as drones and spare parts to maintain artillery equipment, according to the Pentagon.
Announcement of the package came 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.