Ukraine may cut budget costs by 15 percent - Russian Finance Ministry

The financing of Ukraine's state budget costs may be reduced by 15%, Russian Finance Minister Anton Siluanov said.

 The financing of Ukraine's state budget costs may be reduced by 15 percent, Russian Finance Minister Anton Siluanov said.

"The general situation in Ukraine is difficult. The budget expenditures are being reduced. According to our estimation, Ukraine's state budget costs will be reduced by some 15 percent," Siluanov said during a meeting between the president and government officials.

The minister said this will affect the situation in Crimea. "For this reason, we have established cooperation with the Finance Ministry of Crimea at the level of the [Russian] Finance Ministry," he said.

Meanwhile, the European Commission has decided on an 11-billion euro ($15 bln) aid package for Ukraine on Wednesday, European Commission President Jose Manuel Barroso told a press conference in Brussels.

Today we have decided on the aid for Ukraine. It is a package of 11 billion euro for the coming years, he told a press conference after an EC session in Brussels.

This money will be received from the EU budget and international financial institutions, the EC president said.

The package aims to enable the Ukrainian government to conduct the necessary reforms, he said. Such will be the EC's contribution to the extraordinary European Council on the situation in Ukraine due to be held in Brussels on Thursday.

Currently, the EC mission is in Ukraine to study how much aid Ukraine needs, Barroso said.

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