KIEV, Dec. 4 - Political risks have increased sharply in the context of the large-scale protests in the Ukrainian capital Kiev that followed the Ukrainian government's decision not to sign an Association Agreement with the European Union at the end of last week, the Moody's rating agency said.

"While the government survived a no-confidence vote on December 3, the protests have increased the risk of a severe administrative crisis. Furthermore, we see an increasing risk that the protests could trigger a sharp rise in demand for foreign currency, thereby worsening Ukraine's already precarious external liquidity situation. Ukraine’s external liquidity situation is significantly weaker than at the time of the last wave of large-scale public protests, which culminated in the Orange Revolution in 2004/2005," reads an agency report.