EU to Provide More Funding to Ukraine, Russia Seeks Sanctions Alleviation

World » UKRAINE | March 10, 2015, Tuesday // 12:54
Bulgaria: EU to Provide More Funding to Ukraine, Russia Seeks Sanctions Alleviation EU Commissioner Johannes Hahn Photo:EPA/BGNES

The EU intends to provide a new financial aid package to Ukraine estimated at EUR 110M in 2015.

The statement was made by European Commissioner for European Neighbourhood Policy and Enlargement Negotiations, Johannes Hahn, TASS news agency reported.

He said that the larger portion of the sum will be utilized to assist the private sector in the country.

Meanwhile, Ukraine's President Petro Poroshenko announced Tuesday that heavy weapons have been pulled back from Donbass.

Despite the fact that the Minsk agreement, signed in February, was to be enacted on the 15th, military action continued, taking the lives of 64 Ukrainian soldiers.

Russia, on the other hand, has suffered massive economic sanctions imposed by the EU.

Spain stated Tuesday that it has also experienced losses on account of the new difficulties in trade relations with Russia.

"We have big losses, especially in the agricultural sector,'' said Spanish Foreign Minister Jose Manuel Garcia-Margallo, ITAR TASS reported.

Additionally, Russia's Economic Development Minister Alexey Ulyukayev said the country will aim at alleviating the food embargo for Greece and Hungary in alignment with the rules of the World Trade Organization (WTO).  

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Tags: Ukraine, Russia, economic sanctions, financial aid, EU, Johannes Hahn, Spain, development, losses, sanctions, World Trade Organization, Minsk agreement, Petro Poroshenko
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