EU offers $15bn in aid to Ukraine

The European Union has offered 11bn euro ($15bn; £9bn) in aid to Ukraine.

European Commission President Jose Manuel Barroso said on Wednesday that the package of loans and grants over the next couple of years is “designed to assist a committed, inclusive and reforms-oriented government” in Kiev. The funding will be sourced by the European Bank for Reconstruction and Development and the European Investment Bank.

Barroso said Kiev will get the money if it agrees a deal with the IMF.

Up to 8 billion euros will come from the European Investment Bank and the European Bank of Reconstruction, and 3 billion euros will be sourced from the EU budget- about half in macro financial assistance loans and half in grants. Another 3 billion euro will be raised through the Neighborhood Investment Facility, he said.

On Tuesday, Secretary of State John Kerry said the Obama administration will offer $1 billion in loan guarantees.

The US also wants to deploy independent observers in the flashpoint region of Crimea and direct talks between Kiev and Moscow.