Well, sort of.

It’s still a big question what strings Vladimir Putin attached to his bailout, which allows Ukraine to stay financially solvent in the short-term, and continue to push the same unaffordably shortsighted policies.

It’s clear enough that the new, lower gas price will have to be reviewed quarterly, just to make sure Ukraine behaves. The same is true about Russia’s commitment to purchase Ukraine’s Eurobonds. This puts Yanukovych right where Putin wants him: On a short leash.

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