17 December 2013 Russian–Ukrainian action plan explained

Type:Action plan
Date Signed:December 17, 2013
Location Signed:Moscow, Russia
Signatories: Vladimir Putin
Viktor Yanukovych
Languages:Russian and Ukrainian

The 17 December 2013 Russian–Ukrainian action plan was a de facto defunct[1] proposed agreement between the Russian President Vladimir Putin and former Ukrainian President Viktor Yanukovych publicized on 17 December 2013 whereby Russia would buy $15 billion of Ukrainian eurobonds to be issued by Ukraine and that the cost of Russian natural gas supplied to Ukraine would be lowered to $268 per 1,000 cubic metres (the price was more than $400 at the time).[2] The treaty was signed amid the escalating Euromaidan movement which sought closer ties between Ukraine and the European Union.[3] The interest rate on the loan would be renegotiated every three months, based on a verbal agreement between the two leaders.[4]

The proposed agreement is de facto defunct since Russia has halted its purchase of the never issued eurobonds since the ousting of President Yanukovich of 22 February 2014 and in April 2014, the Russian natural gas discount was cancelled.[1]

Since December 2015, Ukraine has defaulted on the $3 billion debt payment to Russia that was part of the action plan.[5]

Background

See main article: Euromaidan. In mid-August 2013, Russia changed its customs regulations on imports from Ukraine. Ukrainian Industrial Policy Minister Mykhailo Korolenko stated on 18 December 2013 that because of this Ukraine's exported had dropped by $1.4 billion (or a 10% year-on-year decrease through the first 10 months of the year). The State Statistics Service of Ukraine reported in November 2013 that in comparison with the same months of 2012 industrial production in Ukraine in October 2013 had fallen by 4.9 percent, in September 2013 by 5.6 percent and in August 2013 by 5.4 percent (and that the industrial production in Ukraine in 2012 total had fallen by 1.8 percent).[6] In June 2010 (a few months after the 2010 Ukrainian–Russian Naval Base for Natural Gas treaty[7]), Ukraine paid Gazprom (the Russian government controls 50.002% of shares in Gazprom[8]) around $234 per 1,000 cubic metres of natural gas.[9] In January 2013, Ukraine paid $430 per 1,000 cubic metres.[10] And at the time of the 17 December 2013 agreement, Ukraine still paid more than $400.[2] Since August 2011, Ukraine seeks to reduce imports of Russian natural gas by two-thirds (compared with 2010) by 2016.[11] Natural gas is Ukraine's biggest import at present and is the main cause of the country's structural trade deficit.[12]

Whatever the reason might have been; the economy of Ukraine was approaching a bad state by late 2013.[13] [14] and had poor solvency.[15]

On 21 November 2013, a Ukrainian government decree preparations for signing an Association Agreement and Deep and Comprehensive Free Trade Agreement with the European Union (EU).[16] [17] [18] Despite that in the months before Ukrainian President Viktor Yanukovych had urged the parliament to adopt laws so that Ukraine would meet the EU's criteria.[19] [20] On 25 September 2013 Chairman of the Verkhovna Rada (Parliament of Ukraine) Volodymyr Rybak stated that he was sure that his parliament would pass all the laws needed to fit the EU criteria for the Association Agreement since, except for the Communist Party of Ukraine, "The Verkhovna Rada has united around these bills".[21]

The reason given for the (stop preparations for signing EU-agreement) decree was that the previous months Ukraine had experienced "a drop in industrial production and our relations with CIS countries". The government also assured "Ukraine will resume preparing the agreement when the drop in industrial production and our relations with CIS countries are compensated by the European market".[22] During two years of negotiations, Ukraine did not raise the issue of large, unconditional grants from the EU and IMF until the eve of the Vilnius summit. According to Ukrainian Prime Minister Mykola Azarov "the extremely harsh conditions" of an IMF loan (presented by the IMF on 20 November 2013), which included big budget cuts and a 40% increase in gas bills, had been the last argument in favor of the Ukrainian government's decision to suspend preparations for signing the Association Agreement.[23] [24] On 7 December 2013 the IMF clarified that it was not insisting on a single-stage increase in natural gas tariffs in Ukraine by 40%, but recommended that they be gradually raised to an economically justified level while compensating the poorest segments of the population for the losses from such an increase by strengthening targeted social assistance.[25] The same day IMF Resident Representative in Ukraine Jerome Vacher stated that this particular IMF loan is worth US$4 billion and that it would be linked with "policy, which would remove disproportions and stimulated growth".[26]

The decision to put off signing the EU Association Agreement led to massive, ongoing protests in Ukraine (for closer ties between Ukraine and the EU) that began in the night of 21 November 2013 when up to 2,000 protesters gathered at Kyiv's Maidan Nezalezhnosti.[3] [17] [18] [27] And that had risen to 400,000–800,000 protesters demonstrating in Kyiv on the weekends of 1 December[28] and 8 December 2013.[29]

Negotiation

Russian President Vladimir Putin and his Ukrainian counterpart Viktor Yanukovych held the sixth "interstate consultation" on 17 December in Moscow.[30] Yanukovych flew to Moscow on the private jet airliner of Ukrainian oligarch (and alleged financier and chieftain of Yanukovych's Party of Regions[31] [32]) Rinat Akhmetov.[33] After the meeting, Yanukovych stated "We've prepared a joint action plan to resolve trade and economic restrictions, a so-called road map that will significantly improve performance in this area" and added this would benefit the entire sectors of the economies of the two countries.[34] "Favourable conditions for the about 1.5 million people from Ukraine that are working in Russia" were also discussed.[35] According to President Putin and Russian presidential press secretary Dmitry Peskov this deal was "not tied to any conditions" and Ukraine's possible accession to the Customs Union of Belarus, Kazakhstan, and Russia was not addressed.[36] Peskov also added "it is our principled position not to interfere in Ukraine's affairs" and accused other countries of doing the opposite.[37] According to President Yanukovych, the trade situation between Russia and Ukraine required urgent intervention, and that it should be coordinated with other Commonwealth of Independent States (CIS) countries.[38] He also added referring to Russia–Ukraine relations, "We'll have to learn lessons for the future and not to repeat such mistakes".[39] And President Yanukovych also stated that Ukraine and Russia should strengthen cross-border and inter-regional cooperation "which create convenient conditions for the people".[40]

The next day Prime Minister Mykola Azarov stated that without the deal with Russia "bankruptcy and social collapse would have awaited Ukraine".[41] He also added that there was no way Ukraine could have signed the EU Association Agreement as Ukraine would have had to accept unfeasibly stringent IMF conditions for economic reform.[41] The protest on Maidan Nezalezhnosti continued on 18 December 2013.[42] He also stated "Nothing is threatening stability of the financial-economic situation in Ukraine now. Not a single economic factor".[43]

On 19 December 2013, Russian President Putin stated about the (which he described as an "act of brotherly love") 17 December deal between Russia and Ukraine "This is not at all linked to (protests at) Maidan, nor with the EU-talks that Ukraine leads... We're just seeing that Ukraine is in dire straits and we should support her".[44]

On 25 September 2014, Ukraine opened a criminal probe against (in December 2013) Minister of Finance of Ukraine Yuriy Kolobov; he is accused of illegally transferring a $450,000 fee to Russia's state-run VTB Capital as a kickback for the 17 December 2013 Ukrainian–Russian action plan.[45]

The agreement

The "joint action plan" consisted of the Russian National Wealth Fund buying $15 billion of Ukrainian eurobonds and the lowering of the cost of Russian natural gas supplied to Ukraine to $268 per 1,000 cubic metres (Ukraine paid $400 at the time).[2] The discount in gas was set contingent upon a quarterly review to be approved by both parties, upon which Russia reserved the right to rescind the discount. As part of the action plan, Russia committed itself to the restoration its customs regulations on imports from Ukraine that had existed before mid-August 2013.[46] The lowering of the natural gas price was done by amending the agreement that had ended the 2009 Russia–Ukraine gas dispute.[2] According to President Putin, this amendment would enable Gazprom to lower the price of natural gas for Ukraine.[47] The natural gas prices was to be reviewed every three months.[48] According to Russian Finance Minister Anton Siluanov, the exact terms of the Russian purchase of Ukrainian eurobonds would be determined later, but a portion of the eurobonds, "significantly less, will be placed this year".[49] Siluanov added that the bonds would be placed on the Irish Stock Exchange under English law with 5% interest per bond.[50] The bonds will mature in two years.[48] On 23 December 2013, Siluanov stated that Russia would not be trading the bonds.[51] Russia can demand early repayment of the loan at any time.[52] The terms of the action plan included the condition that if Ukraine's total state debt would exceed 60% of its annual gross domestic product (GDP) Russian could demand early repayment.[53]

Ratification and criticism

Voting

In response to the agreement, the opposition parties Batkivshchyna, UDAR and Svoboda immediately blocked parliament in order to defer its ratification since they quickly denounced the plan.[54]

Criticism

On 17 December, opposition leader Vitaly Klitschko told the approximately 50,000 people Euromaidan-protest on Kyiv's Maidan Nezalezhnosti "He [President Yanukovich] has given up Ukraine's national interests, given up independence and prospects for a better life for every Ukrainian".[55]

On 18 December 2013, BBC News reported that the deal "will not fix Ukraine's deeper economic problems" in an article called Russian bailout masks Ukraine's economic mess.[14] The same day The Financial Times noted that the treaty could be bad for Gazprom, which was already planning to cut its overall investment in 2014, "With an additional burden from Ukraine, the state firm may be even less able to serve as a motor for Russia's sluggish economy".[48]

De facto collapse of the agreement

Russian President Putin told his Dmitry Medvedev's Cabinet on 29 January (and just after the resignation of the second Azarov Government) that "it's reasonable" to wait until a successor cabinet was installed in Ukraine before extending more aid to Ukraine. Furthermore, Russian Prime Minister Dmitry Medvedev stated Ukraine wasn't paying its natural gas bills even with the lower price, which "seriously changes the situation".[56] Meanwhile, Serhiy Arbuzov (who had replaced Mykola Azarov as acting Ukrainian Prime Minister) believed Russia would be its second $2 billion tranche "in the nearest future".

Naftogaz Ukrainy blamed the delay in payment of Russian natural gas on a lack of payment of local "enterprises in the heating utilities sector".[57]

On 17 February, Russian Finance Minister Anton Siluanov stated that Russia would release the next $2 billion tranche of the 17 December 2013 $15 billion loan to Ukraine the same week.[58] But on 18 February Ukraine decided not to issue these $2 billion eurobond.[59]

Since the ousting of President Yanukovich of 22 February 2014, Russia had halted its purchase of eurobonds (after it had on 23 December 2013 Russia transferred $3 billion in payment for the eurobonds to Ukraine).[60]

On 1 April 2014, Gazprom cancelled the Russian natural gas discount as agreed in the treaty because Ukraine's debt to the company had risen to $1.7 billion since 2013.[1] [61]

After trilateral months of talks between the European Union, Ukraine and Russia, a deal was reached on 30 October 2014 in which Ukraine agreed to pay (in advance) $378 per 1,000 cubic metres to the end of 2014, and $365 in the first quarter (ending on 31 March) of 2015.[62]

Since December 2015, Ukraine refuses to and hence de facto defaults on the $3 billion debt payment to Russia that was part of the action plan.[5] On 17 February 2016, Russia filed a lawsuit against Ukraine at Her Majesty's High Court of Justice in England over this debt.[63]

Effects

On 23 December 2013, Russia transferred $3 billion in payment for the eurobonds to Ukraine.[51] [64] But so far trade between Ukraine and Russia has not been normalized.

Economic effect

According to the plan, "protective measures" of both countries should be lifted so that "normalized trade" can resume.[65] [66]

The days after the 17 December 2013 agreement (Ukraine's natural gas importer) Naftogaz did cut its imports of Russian gas to a minimum.[67] But on 9 January 2014, Ukrainian Energy and Coal Industry Minister Eduard Stavytsky stated that Ukraine (at that time) will buy only Russian natural gas "because it's currently the most profitable".[68] The same day Naftogaz and Russia's Gazprom signed a supplement to the Russian-Ukrainian gas contract, setting the price of natural gas for Ukraine in the first quarter of 2014 at $268.5 per 1,000 cubic meters.[69] A representative of European Commissioner for Energy Günther Oettinger stated soon after that shipping gas from EU member states represents an opportunity for Ukraine to increase its competitiveness and the security of its natural gas supplies.[70]

On 9 January 2014, Ukrainian Prime Minister Mykola Azarov stated "at full capacity the program of industrial cooperation with Russia that will give us in the coming years hundreds of thousands of jobs and guarantees for budgets of all levels, which will be a financial base for the development of our domestic market".[71]

On 29 January, in response to the resignation of the second Azarov Government, and despite pledging to honor agreements with Ukraine, Russia restarted tight border controls and other restrictions at the border for Ukrainian goods.[72] [73] Russia imposed inspections on 100% of Ukrainian exports to Russia.[74] A government source suggested the customs war with Ukraine was a measure to pressure Ukrainian oligarchs into maintaining a pro-Russian policy vector.[75]

Political effects

The Euromaidan movement continued in spite of the 17 December 2013 agreement.[76] Opposition leaders vowed to continue their protests, if necessary, through New Year and Orthodox Christmas (celebrated on 7 January annually). They repeated their demands for the firing of the second Azarov Government, early presidential and parliamentary elections.[77]

On 20 December, high-ranking EU-officials stated that the EU is still ready to sign the Association Agreement with Ukraine "as soon as Ukraine is ready for it", that this agreement was also beneficial for Russia and that the EU "is totally not concerned about the fact that Ukraine is signing agreements with Russia".[78] The day before Polish Foreign Minister Radosław Sikorski stated "I do not know any formal facts that should say that it is impossible to sign the association agreement between Ukraine and the European Union".[79]

On 19 December, Ukrainian President Viktor Yanukovych stated that his government has decided to pause work on the Association Agreement in order to determine the conditions that should be in place for them to sign the Free Trade Zone Agreement, a part of the larger Association Agreement. He continued to say that there was not any contradiction inherent in Ukraine's course on the EU integration issue. Yanukovych asserted that the crux of the matter is not about integration, but about economic relations.[80] Although he added "If we talk about the work on the free trade agreement [a part of the EU Association Agreement], this will take us some time, and we still have a lot of uncertainties. Surely, we should see how this will benefit us in the short term, midterm, and long term".[81] He also added that Ukraine may combine the EU Association Agreement with observer status in the Customs Union of Belarus, Kazakhstan, and Russia and the Eurasian Economic Union.[82] According to the Ukrainian President Viktor Yanukovych, Ukraine expects to be granted observer status in the Eurasian Economic Union. "As concerns the Eurasian Union, we filed a written bid in Astana in August this year to consider Ukraine's participation in the Eurasian Union as an observer".[83]

On 29 January and just after the resignation of the second Azarov Government First deputy head of A Just Russia, Mikhail Emelyanov, stated the need to cancel the Ukrainian-Russian Action Plan and its discount in natural gas, and refuse the redemption of eurobonds 'if the government will resume Eurointegration'.[84]

April 2014 end of discount price for Ukraine

Mid-June 2014 the price Ukraine paid to Russia for natural gas was $485.50 per 1,000 cubic metres, the highest in Europe.[1]

After trilateral months of talks between the European Union, Ukraine and Russia, a deal was reached on 30 October 2014 in which Ukraine agreed to pay (in advance) $378 per 1,000 cubic metres to the end of 2014, and $365 in the first quarter (ending on 31 March) of 2015.[62]

Expert analysis

Notes and References

  1. https://www.bbc.com/news/world-europe-27862849 Ukraine crisis: Russia halts gas supplies to Kiev
  2. https://www.bbc.co.uk/news/world-europe-25411118 Russia cuts Ukraine gas price by a third
  3. News: Ukraine still wants historic pact with EU . . 27 November 2013 . dead . https://web.archive.org/web/20140125161035/http://main.omanobserver.om/?p=34172 . 25 January 2014 .
    Ukraine police dismantle Kiev protest camps, BBC News (9 December 2013)
  4. http://www.winnipegfreepress.com/opinion/analysis/putins-meddling-in-ukraine-sinister-245490261.html?device=mobile Putin's meddling in Ukraine sinister - Winnipeg Free Press
  5. https://news.yahoo.com/ukraine-says-wont-repay-russian-debt-due-weekend-112007020.html
  6. http://www.kyivpost.com/content/business/decline-in-industrial-production-in-ukraine-in-october-2013-slows-to-49-percent-332016.html Decline in industrial production in Ukraine in October 2013 slows to 4.9 percent
  7. http://www.cnn.com/2010/WORLD/europe/04/21/russia.ukraine/index.html?hpt=T2 Russia, Ukraine agree on naval-base-for-gas deal
  8. Web site: Gazprom . Gazprom's Annual Report 2006 . 2006 . 2007-08-15 . https://web.archive.org/web/20070928040608/http://www.gazprom.ru/documents/Report_Eng.pdf . 28 September 2007 . dead .
  9. https://www.reuters.com/article/idUSLDE65H0DE20100618 UPDATE 2-Russia threatens to cut Belarus gas supplies Monday
  10. https://www.reuters.com/article/us-shale-ukraine-idUSBRE90N0N620130124 Ukraine set to sign landmark $10 billion shale gas deal with Shell
  11. http://www.kyivpost.com/news/russia/detail/111892/ Ukraine seeks to cut imports of Russian gas
  12. http://www.osw.waw.pl/en/publikacje/osw-commentary/2013-07-15/kyiv-s-gas-strategy-closer-cooperation-gazprom-or-a-genuine-div Kyiv's gas strategy: closer cooperation with Gazprom or a genuine diversification
  13. http://en.interfax.com.ua/news/economic/182225.html Fitch: Ukraine protests increase pressure on credit profile
  14. https://www.bbc.co.uk/news/business-25430980 https://www.bbc.co.uk/news/business-25430980 Russian bailout masks Ukraine's economic mess
  15. http://en.interfax.com.ua/news/economic/179320.html Protests in Ukraine up risk of growth in foreign currency demand, says Moody's
  16. News: Kyiv protesters brave the cold as political tug-of-war continues . 12 December 2013 . . 12 December 2013 . https://web.archive.org/web/20131226070318/http://www.euronews.com/2013/12/12/kyiv-protesters-brave-the-cold-as-political-tug-of-war-continute/ . 2013-12-26 . live .
  17. Web site: Ukraine drops EU plans and looks to Russia. aljazeera.com. 21 November 2013.
    Ukrainian government issues decree to suspend preparations for signing of association agreement with EU, Interfax-Ukraine (21 November 2013)
    Rada votes down all bills on allowing Tymoshenko's medical treatment abroad, Interfax-Ukraine (21 November 2013)
  18. http://en.interfax.com.ua/news/general/176135.html Cox-Kwasniewski mission to continue until Eastern Partnership Summit
  19. http://en.interfax.com.ua/news/general/175853.html EU Commissioner Fule expects Rada to pass European integration bills on November 21
  20. http://www.euronews.com/2013/09/03/ukranian-president-asks-for-laws-to-be-passed-to-facilitate-eu-association-/ Ukrainian president asks for laws to be passed to facilitate EU association agreement
  21. http://www.interfax.co.uk/ukraine-news/eu-ukraine-association-agreement-to-be-signed-ukraine-to-go-to-europe-speaker-2/ EU-Ukraine Association Agreement to be signed, Ukraine to go to Europe – speaker
  22. http://en.interfax.com.ua/news/general/176144.html Ukraine to resume preparing agreement with EU when compensation for production drop found – Boiko
  23. News: Ukraine Blames I.M.F. for Halt to Agreements With Europe . David M. Herszenhorn . New York Times . 22 November 2013 . 10 December 2013 . dead . https://web.archive.org/web/20131208033356/http://www.nytimes.com/2013/11/23/world/europe/ukraine-blames-imf-for-collapse-of-accord-with-european-union.html . December 8, 2013 .
  24. News: Historic defeat for EU as Ukraine returns to Kremlin control . Ambrose Evans-Pritchard . Daily Telegraph . 22 November 2013 . 10 December 2013 . https://web.archive.org/web/20140329164040/http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/10469065/Historic-defeat-for-EU-as-Ukraine-returns-to-Kremlin-control.html . 2014-03-29 . live . London .
  25. http://en.interfax.com.ua/news/general/179958.html MF not insisting on single-stage increase in tariffs, says resident representative in Ukraine
  26. http://www.ukrinform.ua/eng/news/imf_links_loan_amount_to_ukraine_with_reforms_314404 IMF links loan amount to Ukraine with reforms
  27. Противники приостановки евроинтеграции Украины в ночи вышли на улицы Киева Opponents of suspension Ukraine's European integration in the night took to the streets of Kiev, NEWSru (22 November 2013)
    Post by Arseniy Yatsenyuk, Twitter (21 November 2013)
    УВАГА! Збір сьогодні на Майдані Незалежності о 22:30 !!! Watch out! Gather today at Maidan Nezalezhnosti at 22:30!!, Korrespondent.net (21 November 2013)
  28. News: Whitmore . Brian. Putin's Growing Threat Next Door. The Atlantic. 6 December 2013. https://web.archive.org/web/20131206220907/http://www.theatlantic.com/international/archive/2013/12/putins-growing-threat-next-door/282103/. 2013-12-06. live.
  29. News: Ukraine's capital Kiev gripped by huge pro-EU demonstration. BBC News. 8 December 2013. 8 December 2013. https://web.archive.org/web/20140411023244/http://www.bbc.co.uk/news/world-europe-25290959. 2014-04-11. live.
  30. http://en.interfax.com.ua/news/general/182385.html Putin expects to make progress on sensitive bilateral issues during meeting with Yanukovych
  31. Book: D'Anieri, Paul J.. Understanding Ukrainian Politics Power, Politics, and Institutional Design. 2007. M.E. Sharpe. 978-0-7656-1811-5. 170 .
  32. Book: Burnell. Peter. Gerrits. Andre W.M.. PROMOTING PARTY POLITIC IN EMERGING. 2013. Routledge. 978-1-317-98597-6. 36 .
  33. http://blogs.ft.com/beyond-brics/2013/12/18/ukraines-yanukovich-returns-from-moscow-on-akhmetovs-plane-and-on-a-tight-leash/?#axzz2ntUIzUVV Ukraine's Yanukovich returns from Moscow on Akhmetov's plane – and on a tight leash – beyondbrics - Blogs - FT.com
  34. http://en.interfax.com.ua/news/economic/182490.html Action plan for settlement of trade restrictions to deepen Ukrainian-Russian strategic relations, says Yanukovych
  35. http://en.interfax.com.ua/news/general/182409.html Putin calls for creation of favorable conditions for Ukrainian citizens working in Russia
  36. http://www.aljazeera.com/news/europe/2013/12/ukrainian-president-seeks-cash-from-kremlin-201312179339772616.html Russia and Ukraine strike $15bln deal
  37. http://en.interfax.com.ua/news/economic/182488.html Putin's spokesman: Ukraine's accession to Customs Union was not discussed at Tuesday meeting
  38. http://en.interfax.com.ua/news/economic/182396.html Situation in trade between Russia and Ukraine requires urgent intervention - Yanukovych
  39. http://en.interfax.com.ua/news/general/182486.html Yanukovych: Kyiv, Moscow shouldn't replay past mistakes
  40. http://en.interfax.com.ua/news/general/182398.html Ukraine, Russia should develop cross-border and inter-regional cooperation - Yanukovych
  41. News: Russia deal saved Ukraine from bankruptcy - PM Azarov . BBC . 18 December 2013 . 18 December 2013 . https://web.archive.org/web/20140311133341/http://www.bbc.co.uk/news/world-europe-25427706 . 2014-03-11 . live .
  42. http://www.euronews.com/2013/12/18/anti-government-protesters-in-kyiv-reject-ukrainian-russian-pact/ Anti government protesters in Kyiv reject Ukrainian-Russian pact
  43. http://en.interfax.com.ua/news/economic/182569.html Nothing threatening Ukraine's economic, financial stability now - PM Azarov
  44. http://www.euronews.com/2013/12/19/ukraine-and-nuclear-missiles-dominate-putin-s-annual-press-address/ Ukraine and nuclear missiles dominate Putin's annual press address
  45. https://www.bloomberg.com/news/2014-09-25/ukraine-investigates-ex-minister-over-3-billion-russian-bailout.html Ukraine Probes Ex-Minister Over $3 Billion Russian Bond
  46. http://en.interfax.com.ua/news/economic/182691.html Eased Russian customs rules to save Ukraine $1.5 bln in 2014, says minister
  47. http://en.interfax.com.ua/news/economic/182467.html Gazprom lowers gas price for Ukraine 33% to $268.5 per 1,000 cu m
  48. http://www.ft.com/intl/cms/s/0/3b3db13c-67e3-11e3-a905-00144feabdc0.html#axzz2nvq5n9ta Ukraine bailout could derail Putin's drive to boost Russian economy
  49. http://en.interfax.com.ua/news/economic/182491.html Ukraine to issue Eurobonds; Russia will purchase $15 bln, says Russian finance minister
  50. Росія дає Україні в борг під 5% річних Russia gives Ukraine a loan at 5% per annum, Ukrayinska Pravda (17 December 2013)
  51. http://en.interfax.com.ua/news/economic/183420.html Russia to pay Ukraine $3 bln for eurobonds on Tuesday - Siluanov
  52. http://en.interfax.com.ua/news/general/183432.html Russia can call in Ukraine loan if situation warrants - Shuvalov
  53. https://www.reuters.com/article/us-ukraine-crisis-russia-debt-idUSKBN0KJ06M20150110 Russia says Ukraine has violated loan terms: agencies
  54. https://web.archive.org/web/20131217225455/http://www.theinsider.com.ua/politics/52b087463d708/ Опозиція заблокує ВР, щоб не допустити ратифікації угод з Росією, - Яценюк INSIDER
  55. https://www.irishtimes.com/news/world/europe/ukraine-opposition-leader-condemns-russia-bailout-deal-1.1630987 Ukraine opposition leader condemns Russia bailout deal
  56. http://en.interfax.com.ua/news/economic/187913.html Ukraine asks for payment deferral on past, new gas deliveries; negotiations needed - Medvedev
  57. http://en.interfax.com.ua/news/economic/188524.html Ukraine's Naftogaz warns over Gazprom payments due to heating utility indebtedness
  58. http://en.interfax.com.ua/news/economic/190508.html Russia to buy eurobonds worth $2 bln from Ukraine this week - Siluanov
  59. http://en.interfax.com.ua/news/economic/191593.html Ukraine decides not to issue eurobonds worth $2 bln, says ISE
  60. https://www.bloomberg.com/news/2014-03-19/ukraine-to-honor-russian-eurobond-payments-amid-crimea-dispute.html Ukraine to Honor Russian Eurobond Payments in Crimea Dispute
  61. News: Gazprom Raises Gas Export Price as Ukraine Looks for Cash . Bloomberg . Elena . Mazneva . 1 April 2014.
  62. https://www.bbc.com/news/business-29842505 Russia-Ukraine gas deal secures EU winter supply
  63. Russia files lawsuit against Ukraine over $3bn debt Russia files lawsuit against Ukraine over $3bn debt
  64. http://en.interfax.com.ua/news/economic/183597.html Russia buys 1st tranche of Ukrainian bonds for $3 bln - PM
  65. http://en.interfax.com.ua/news/economic/183123.html Ukraine, Russia to discuss easing some safeguard measures in trade in H1 2014
  66. http://en.interfax.com.ua/news/economic/183145.html Ukrainian wagons, Roshen sweets to return to Russian market in early 2014, says Russian economy ministry
  67. http://en.interfax.com.ua/news/economic/183466.html Naftogaz cuts imports of Russia gas to minimum after signing of new gas price deal
  68. http://en.interfax.com.ua/news/economic/185162.html Ukraine to buy only Russian gas due to advantageous price - energy minister
  69. http://en.interfax.com.ua/news/general/185134.html Naftogaz, Gazprom sign supplement to gas contract, set gas price for Ukraine in Q1, 2014 at $268.5 per 1,000 cubic meters - Stavytsky
  70. http://en.interfax.com.ua/news/general/185217.html Brussels notes that gas shipments from EU ensure Ukraine's competitiveness, supply security
  71. http://en.interfax.com.ua/news/general/185144.html Ukraine has to bring industrial cooperation program with Russia up to speed in Feb - PM
  72. https://www.bloomberg.com/news/2014-01-29/russia-raises-stakes-for-ukraine-as-yanukovych-digs-in.html Ukraine at Impasse on Amnesty After Russia Warns on Aid
  73. http://www.kyivpost.com/content/ukraine/euromaidan-rallies-in-ukraine-jan-28-live-updates-335735.html EuroMaidan rallies in Ukraine (Jan. 30-31 live updates)
  74. http://mignews.com.ua/ru/articles/154262.html СМИ: Россия готовится к "таможенной войне" с Украиной События - В Украине Mignews.com.ua
  75. http://zn.ua/ECONOMICS/rossiya-gotovit-novuyu-torgovuyu-voynu-s-ukrainoy-137645_.html Россия приготовила новую торговую войну с Украиной - Экономика - zn.ua
  76. http://www.voanews.com/content/reu-ukraines-opoosition-vow-to-block-russian-bailout-in-parliament/1812236.html Ukraine's Opposition Vows to Block Russian Bailout in Parliament
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