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| Russia's President Vladimir Putin (R) and Ukrainian President Viktor Yanukovich shake hands after signing documents during their meeting in the Kremlin in Moscow, on December 17, 2013. |
As the FT reports, Russia has agreed to send cash and cheaper gas to Ukraine. Moscow said it would convert $15bn of reserves in its national welfare fund into Ukrainian securities. It also said it would cut prices for natural gas from more than $400 per thousand cubic metres to $268.50. There was no mention of any agreement to join the CIS Customs Union.
The question is: what does Russia get in return?
At this stage it’s not clear. Timothy Ash of Standard Bank suggested that many observers would be “staggered by the apparent lack of conditionality”. Without any finer detail, it seems an old-fashioned deal of generosity for loyalty."
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