Economic Stability in Ukraine Unattainable Without Russia – Steinmeier

In a leaked letter the German Foreign Minister urged the European Union not to neglect the role of Russia in the settlement of the Ukrainian financial crisis.

A letter from German Foreign Minister Frank-Walter Steinmeier to European Commission President Jean-Paul Juncker urging the European Union to ease "Russian concerns" over a free trade agreement between Ukraine and the EU was leaked to the media.

In the letter dated April 2, 2015, Steinmeier strongly recommended resuming the trilateral talks between the EU, Ukraine and Russia in order to find a "practical solution" to the issue.

Russia has repeatedly voiced opposition to the creation of a Deep and Comprehensive Free Trade Area (DCFTA) which is the economic basis of the Association Agreement reached in March 2014 between the EU and Kiev.

After being postponed, the DCFTA agreement is planned to come into force by January 1, 2016.

Steinmeier called for the EU to "use the considerable flexibility that the agreement offers."

The minister also underscored that "economic stability in Ukraine can hardly succeed without the participation of Russia" and called for a "pragmatic political approach without preconditions."

Currently Ukraine is experiencing a severe political crisis which has affected its economy and social sphere. According to a wide range of experts and analysts, the country now is nearing default.

The unemployment rate is rapidly growing, and the national currency (hryvna) has devaluated by more than 300 percent during the last year. As a result, according to the Ukrainian Finance Ministry, in January 2015 the average wage was 3,455 hryvnas (nearly $160), one of the lowest across Europe.