Financial Times: Dnipro sleeper
Ukraine will take years to decide between Russia and the west if, indeed, it ever does. Sadly, its foreign exchange reserves do not have the luxury of time. While protests against the rejection of an EU free trade deal go on in the Kievan cold, watch out for what is happening to Ukraine’s ebbing $20bn reserves. These cover about two and a half months of imports, below the three that can start alarm bells ringing at the IMF, and worse than the ratio for Egypt, a country in a similar slow-motion foreign exchange crisis.