Biden and Zelenskyy held a call Wednesday in which the funds were discussed, according to a White House readout of the call.
The U.S. president said America "intends to provide the Ukrainian government with $500 million in direct budgetary aid."
Last week, the U.S. announced a package of new sanctions against Russia on more than 400 Russians and Russian entities, including the Duma and more than 300 of its members, along with more than 40 defense companies.
The White House also announced it would allow as many as 100,000 Ukrainian refugees to enter the U.S., with a focus on those who are most vulnerable. The administration is also prepared to offer more than $1 billion in additional funding toward humanitarian assistance and $11 billion over the next five years to address worldwide food security threats after the disruptions to the Russian and the Ukrainian agricultural industries.
The two leaders on Wednesday also discussed how the U.S. is working "around the clock" to fulfill the main security assistance requested by Ukraine, the critical effects those weapons have had on the conflict, and continued efforts by the U.S. with allies and partners to identify additional capabilities to help the Ukrainian military defend its country.
Zelenskyy tweeted shortly after the conversation ended, saying the leaders "shared assessment of the situation on the battlefield and at the negotiating table."
They also "talked about specific defensive support, a new package of enhanced sanctions, macro-financial and humanitarian aid," Zelenskyy wrote.