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Wall Street Journal
December 17, 2013
Russia agreed Tuesday to lend Ukraine $15 billion and cut prices for natural gas, striking a deal to bail out its crisis-stricken neighbor to stave off possible economic collapse amid large-scale protests in Kiev over the rejection of a trade deal with the European Union.
Russian President Vladimir Putin said Russia would invest $15 billion from its national welfare fund into Ukrainian securities to help relieve pressure on its finances “given the difficulty faced by the Ukrainian economy.”
The high-stakes deal comes as thousands of Ukrainians have been protesting President Viktor Yanukovych’s government for weeks, which has put additional pressure on Ukraine’s bonds and currency. The protests began when Mr. Yanukovych halted a European Union political and trade pact on Nov. 21 and pivoted toward Russia for support in shoring up Ukraine’s finances.
Mr. Yanukovych insisted after reaching the bailout agreement that he was left with no choice.
“Ukraine’s trade with Russia makes it impossible for us to act in any other way,” he said. “There is no alternative to this.”
Russian state-run gas giant OAO Gazprom also agreed to slash gas prices for Ukraine to $268.50 per thousand cubic meters, down from $400, which would further alleviate pressure on its neighbor’s economy.
Russia has encouraged Ukraine to instead join a customs union it has formed with other former Soviet republics, but Mr. Putin said the matter wasn’t brought up during meetings in Moscow on Tuesday.
Russia had restricted Ukrainian imports in recent months, stepping up pressure on its neighbor as it appeared ready to sign the deal with the EU, but the two sides signed a deal Tuesday to normalize trade relations.
