The European Union is to provide Ukraine with €8 billion to carry out reforms, the President of the European Parliament Martin Schulz said Friday.
“We are convinced that this Agreement (EU – Ukraine Association Agreement) will promote further economic growth and modernization of the Ukrainian economy. Eight billion euro will be transferred to Ukraine to stabilize the economy. But this support is not unconditional. It is based on the expectation that the country will continue to follow the path of reformation,” RBC quotes Schultz.
The required reforms would include electoral law, a comprehensive constitutional reform, elimination of corruption, and the respect of human rights and minority rights, Schultz explained.
In turn Aleksey Ulyukayev, the Russian Minister of Economic Development said that if Ukraine proceeds with the EU Association Agreement as of November 1, Russia will respond with the introduction of import tariffs on Ukrainian goods.