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SEOUL—President Biden on Saturday signed a nearly $40 billion package of military and economic assistance for Ukraine, sending another installment of aid to the country as it seeks to defend itself from Russian forces.

Mr. Biden signed the bill following his bilateral meeting and joint news conference with new South Korean President Yoon Suk-yeol. The Senate approved the legislation Thursday as the president was traveling to Seoul, kicking off his six-day trip to Asia.

The White House said a U.S. government official who was already planning to travel to the region carried the bill aboard a commercial flight to South Korea. The president signed it in Seoul since he is not scheduled to return to Washington until late Tuesday, a move meant to avoid a delay in providing the funding to Ukraine.

During the news conference with Mr. Yoon, Mr. Biden said Russian President Vladimir Putin’s attack on Ukraine “isn’t just a matter for Europe. It’s an attack on democracy and the core international principles of sovereignty and territorial integrity.”

The Senate passed the legislation Thursday with an overwhelmingly bipartisan vote of 86-11, bringing the U.S. commitment to Ukraine to nearly $54 billion. White House officials have said the aid should last Ukraine through September.

Ukrainian President Volodymyr Zelensky later said in an address Saturday night that he was grateful to Mr. Biden for the immediate signing of the package. “This is a historic contribution to the protection of freedom in Europe,” he said.

The new law includes about $6 billion to train and supply the Ukrainian military, and about $9 billion to replenish stocks of U.S. weapons sent to Ukraine. Pentagon spokesman John Kirby said Thursday that the military equipment in the package includes 18 howitzers, 18 tactical vehicles and 18 artillery tubes.

About $3.9 billion will support intelligence, equipment and hardship pay for troops deployed to the region. The package also provides humanitarian aid for Ukrainian refugees, about $8.8 billion in economic assistance for the Ukrainian government and more than $5 billion to address food scarcity and high prices caused by the war.

Under the new law, the Justice Department will get $67 million to help cover the costs of seizing and selling forfeited property such as Russian oligarchs’ yachts or artwork.