SENIOR British politicians have warned Russia of the serious implications if it continues to instigate unrest ahead of Ukraine's historic EU treaty signing today.
Earlier this week Foreign Secretary William Hague was reported as saying: "We urge Russia to take the necessary actions to stop the flow of arms across the border, to stop supporting illegally armed separatist groups in eastern Ukraine, because in the absence of actions by Russia the case for stronger sanctions from European Union nations will of course become stronger.”
Mr Hague's statement on Wednesday came as Ukrainian President Petro Poroshenko prepared to sign the controversial "Association Agreement and Deep and Comprehensive Free Trade Area", which will commit Ukraine to EU standards, including new customs regulations, quality controls and free market competition.
Speaking ahead of the signing Mr Poroshenko said: "This is what we have fought for over recent months and years. This work will be as difficult and responsible, but I am confident that we will do it very well."
Russian officials have condemned the signing amid concerns that it could be detrimental to trade between the two countries.
Russian Finance Minister Aleksey Ulyukaev told the media that if Ukraine signed the deal it would become a "second rate EU state".
"By signing the Association Agreement the countries must restructure their laws to comply with European standards and open the markets. However, in return, they don’t receive any influence on European legislation or policy,” Mr Ulyukaev said.
Sergey Glazyev, an economic aide to Russian President Putin warned of dire economic consequences if Mr Poroshenko pushed ahead with the treaty.
“For Ukraine, signing the agreement is economic suicide,” said Mr Glazyev.
“There is no doubt that by signing this agreement it will result in an acute devaluation of the hryvnia, an inflation surge and in turn hyperinflation, and a drop in living standards."
British interests in the region have already been damaged by the ongoing crisis, which has seen sanctions imposed on Russia in retaliation for its support of pro-seperatist groups in Ukraine.
While Britain imports a large proportion of its steel and manufacturing resources from Russia it has a large export trade selling the finished products back to its supplier.
Russia is currently the single largest importer of Ukrainian products, roughly totalling the same as the country's entire trade with the 28 nation EU bloc. Threats from Russian authorities to raise tariffs on imprints and restrict business, in an attempt to stem a potential flow of EU goods across the Ukrainian border, could damage an already unstable economic situation within the country.
The treaty means more than just currency for the Ukranian President, however, having already precipitated the overthrow of Mr Poroshenko's predecessor Victor Yanukovych through his failure to sign the deal in February.
The European commission president, José Manuel Barroso, has praised the decision to go ahead with the signing.
"The agreements, the most ambitious negotiated so far by the European Union, aim to deepen political and economic relations with the EU," said Mr Barroso. "We will need to remain active and vigilant regarding our eastern neighbourhood, in particular after the signature of the association agreements where our responsibility increases and not diminishes."
Whether or not enhanced trade with the EU will be enough to make up for the loss of its neighbour is yet to be seen. What seems certain, however, is that the increased ties to the rest of Europe will provide Mr Poroshenko with much needed backing as he continues to try and restore stability in his divided country.
