By  on March 5, 2014

The European commission agreed on an economic and financial aid package for the embattled Ukraine on Wednesday that, if approved, would fast-track the elimination and reduction of duties on Ukraine’s exports of such industrial products as apparel, textiles and footwear to the European Union.

The EC’s offer comes at a tense time between the West and Russia, which increased its military presence in Crimea, a Ukrainian peninsula, after the ouster of Ukrainian President Viktor Yanukovych and raised the stakes internationally as the West scrambled to offer aid to Ukraine and threatened sanctions against what some are calling Russia’s aggression. The U.S. offered an aid package of $1 billion in loan guarantees on Tuesday.

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