EU Puts Its Money Where Its Mouth Is: $15B for Ukraine
U.S. Secretary of State John Kerry recently announced that the United States will offer $1 billion to Ukraine in loans to aid the new opposition government transition in the face of military, economic, and political pressure from Russia. Now, on top of that, the European Union said Wednesday that it would loan and grant $15 billion to Ukraine over the course of the next few years on condition that Ukraine join the International Monetary Fund. The EU also addressed the topic of gas transport, an important complexity wrapped up in the conflict between Europe and Russia for Ukraine.
“There are a number of other measures through which we are ready to support Ukraine … one of them, energy, where we are looking in the short term at the gas transmission network to ensure that reverse flows with the European Union are fully operational,” said Jose Manuel Durao Barroso, the President of the European Commission. “I believe we are going to be up to this very important challenge for Ukraine and for Europe as a whole,” he said.
Kerry was in Kiev, Ukraine Tuesday, accompanied by Assistant Secretary for European and Eurasian Affairs Toria Nuland and others, with a schedule for discussion with the Rada, Ukrainian Prime Minister Arseniy Yatsenyuk, and acting President Oleksandr Turchynov.
The U.S. loan comes with promises of assistance to the nation in economic and technical areas, according to the Washington Post, but there is a distinct lack of promised military support. “We’re going to continue to engage diplomatically. It’s the time for diplomacy. Nobody wants this to spiral in a worse direction,” Kerry tweeted on Sunday. He later said that, “This is not the way modern nations resolve problems. There is still a right set of options. Not invasion.”
According to Kerry, the U.S. has made a number of moves to punish Russia’s current behavior, including stopping preparations for the Group of 8 summit, ending military contact, and ceasing economic discussion with Russia. The Guardian quoted Kerry saying, “Russia has been working hard to create a pretext for Russia to invade further,” and that the country must “return forces to barracks and engage in legitimate policy of de-escalation,” or the U.S. and other nations will increase isolation.
Europe is making its own plans, with a summit to be held Thursday in Brussels between European leaders, according to Reuters, during which they’ll discuss what measures should be enforced against Russia if it does not take a step back from — and out of — Ukraine.
President Barack Obama spoke about Ukraine on Monday, saying, “what cannot be done is for Russia, with impunity, to put its soldiers on the ground and violate basic principles that are recognized around the world.” He added that, “The strong condemnation that it’s received from countries around the world indicates the degree to which Russia is on the wrong side of history on this.” He went on to address the potential motives of Russia and to emphasize how costly military involvement in Ukraine would be to the nation, as well as to say that Congress has been working on an assistance package for Ukraine.
Other recent updates in Ukraine:
- What began as a military exercise ended in 16,000 troops in the Crimean region, with military aircrafts flown over Ukrainian airspace on Monday.
- Ex-Ukrainian President Viktor Yanukovych fled the country to find shelter in Russia after being declared a mass murderer by the opposition government. He continues to voice rhetoric to the effect that he remains Ukraine’s legitimate leader, while Russia has still failed to recognize the new leadership in Ukraine.
- Russian President Vladimir Putin has insisted, according to the BBC, that the troops are pro-Russian “local forces of self-defense,” as opposed to official Russian troops.
- Putin said the West has been encouraging violent protest and that Russia reserves the right to “use all means” should ethnic Russians in Ukraine seek aid.
- Ukraine is currently in a state of economic crisis, risking defaulting on debts. The nation had previously been depending on a promised loan from Russia, to be paid out in increments.
More From Wall St. Cheat Sheet:
- Obama: Actions in Ukraine Put Russia ‘On the Wrong Side of History’
- Ukraine On ‘Brink of Disaster’: Russian Paramilitary Forces Occupy Crimea
- Putin’s Military Exercise Reflects Political Tensions Over Ukraine
Follow Anthea on Twitter @AntheaWSCS