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Monday, February 24, 2014

The Ukraine Powder Keg

Ukraine has issued a warrant for the arrest of ousted President Viktor Yanukovych for mass murder.

Additionally the new interim Finance Minister, Yuriy Kolobov, has said that Ukraine needs around $35BN in urgent foreign aid and asked for an international donors' conference to be held. Ukraine has debts of around $73BN of which $6Bn need to be paid this year.

Russia had recently agreed to provide $15BN. However, Russia is now spitting feathers at the turn of events in Ukraine and has recalled its ambassador. As such it is highly likely that it will withdraw that offer. Indeed, there is a very real danger that it will send troops into the Eastern part of Ukraine to "protect" the ethnic Russians who live there.

Meanwhile the BBC report that the EU is sending Catherine Ashton to discuss EU support "for a lasting solution to the political crisis and measures to stabilise the economic situation". Regrettably she has been a disaster in her role, and is not up to the job of handling this extremely volatile situation.

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