KIEV, Dec. 19 - Russia's provision of EUR 15 billion in financing and cheaper gas to Ukraine significantly cuts the risk of a Ukrainian sovereign liquidity crisis in 2014. However, longer-term political and economic risks to Ukraine's sovereign credit profile remain unaddressed, Fitch Ratings said.

"The package reduces the key short-term risks to Ukraine's sovereign credit profile that have arisen from a wide current account deficit (CAD) and mounting sovereign external debt repayments. These, in turn, have led to a fall in international reserves and growing pressure on the exchange rate, threatening a disorderly devaluation of the hyrvnia," the rating agency said.