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The European Commission agreed on Tuesday to give nearly 500 million euros ($685 million) worth of trade benefits to Ukraine, which had been teetering towards default even before unrest in Kiev.

The Commission plans to remove duties on a wide range of agricultural goods, textiles and other imports in an effort to support the Ukrainian economy, which is heavily dependent on Russian energy supplies and running critically short of foreign currency to meet debts or finance imports.

European Trade Commissioner Karel De Gucht said the new trade benefits would be in force until at least Nov. 1 this year, by which time the European Union expects to have signed a full free-trade agreement with a new government in Ukraine.

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