The European Union announced Wednesday it will offer Ukraine at least $15 billion (€11 billion) in aid as the country struggles with dwindling cash and a military standoff with Russia.
Jose Manuel Barroso, president of the European Commission, the EU’s executive body, said the package would provide Ukraine with assistance over the next few years. The aim is to help the country stabilize its economy and finances and work toward political and economic reforms.
Experts have been predicting Ukraine could default this month on its billions of dollars in debts. The country owes roughly $13 billion in debt this year.
Many of the country’s debts are denominated in U.S. dollars, which were becoming increasingly difficult to pay back as the value of the country’s currency fell sharply this year.
On Wednesday, Ukraine said it would not be able to pay its February natural gas bill to the energy company Gazprom. Ukraine owes the Russian firm nearly $2 billion.
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