Pentagon says Ukraine accounting error revealed last month revised up from $3 billion to $6.2 billion

The Pentagon overestimated its funding for equipment sent to Ukraine by $6.2 billion due to an accounting error, more than double the previously reported amount.

Reuters
First Published21 Jun 2023, 10:20 AM IST
Deputy Pentagon Press Secretary Sabrina Singh speaks during a briefing at the Pentagon in Washington, Thursday, May 18, 2023. (AP Photo/Andrew Harnik)
Deputy Pentagon Press Secretary Sabrina Singh speaks during a briefing at the Pentagon in Washington, Thursday, May 18, 2023. (AP Photo/Andrew Harnik)(AP)

The Pentagon found it had overestimated the amount of funding for ammunition, missiles and other equipment it sent to Ukraine by $6.2 billion due to an accounting error, a spokesperson said on Tuesday, more than double the amount previously disclosed.

The value of the accounting error was revised up from the $3 billion that was first reported by Reuters in May, the result of assigning a higher-than-warranted value on U.S. weaponry shipped to Ukraine.

Additional funding was uncovered as Pentagon officials researched the situation more thoroughly and clarified protocols for valuing equipment based on Financial Management Regulation and Department of Defense policy, Pentagon deputy press secretary Sabrina Singh said.

The $6.2 billion breaks down to $3.6 billion for fiscal year 2023 and $2.6 billion for fiscal year 2022, she said, adding that the errors did not impact the size of presidential drawdown authority or support for Ukraine.

 

 

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.MoreLess
First Published:21 Jun 2023, 10:20 AM IST
HomeNewsworldPentagon says Ukraine accounting error revealed last month revised up from $3 billion to $6.2 billion

Most Active Stocks

Indian Oil Corporation

173.15
09:45 AM | 11 JUL 2024
1.2 (0.7%)

Tata Steel

170.25
09:45 AM | 11 JUL 2024
2.25 (1.34%)

Bharat Petroleum Corporation

304.70
09:45 AM | 11 JUL 2024
4.35 (1.45%)

Bharat Electronics

336.35
09:45 AM | 11 JUL 2024
2.65 (0.79%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

Yes Bank

26.74
09:39 AM | 11 JUL 2024
1.77 (7.09%)

PCBL

275.65
09:39 AM | 11 JUL 2024
12.8 (4.87%)

Sona Blw Precision Forgings

721.45
09:39 AM | 11 JUL 2024
32.15 (4.66%)

Solar Industries India

12,880.15
09:39 AM | 11 JUL 2024
533.8 (4.32%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K

    Fuel Price

    • Petrol
    • Diesel
    OPEN IN APP
    HomeMarketsPremiumInstant LoanMint Shorts