Even the next $2 billion purchase of Ukraine’s bonds by Russia, coming on top of a $3 billion purchase in December, is not bringing much optimism.
“Giving money to
Ukraine is like throwing it in a black hole,” said Volodymyr Ovcharenko,
analyst for Kinto asset management company.
The National Bank of Ukraine’s foreign
currency reserves sank to $17.7 billion in January, while Ukraine has
$7.09 billion of foreign debt that must be repaid or refinanced this year. Whether this discomfort leads to panick will be known soon enough.