E.U. Offers Ukraine Millions in Trade Relief to Steady Its Economy

By Phillip Yu

The European Union has promised Ukraine $693 million a year of trade relief to compensate for bankruptcy and the deployment of Russian troops in Crimea. This trade relief is part of a larger E.U. aid package which could total over 11 billion euros over the next seven years. The Crimea crisis itself has prompted the EU to suspend visa and trade talks with Russia and threaten sanctions against Russian officials. For the relief to take effect by June, the E.U. Parliament must act quickly and approve no later than the week of April 14.