Imagine the Greek government had insisted that EU institutions accept the same haircut as the country’s private creditors. The reaction in European capitals would have been frosty. Yet this is the position now taken by Kiev with respect to Ukraine’s $3bn eurobond held by Russia.

In late 2013, Ukraine had been in recession for more than a year, its current account deficit was becoming unsustainable, its international reserves were barely enough to cover three months’ imports, and no other creditor was prepared to lend on terms acceptable to Kiev. Yet Russia provided $3bn of much-needed funding at a 5 per cent interest rate, when Ukraine’s bonds were yielding nearly 12 per cent.

Russia’s financing was not made for commercial gain. Just as America and Britain regularly do, it provided assistance to a country whose policies it supported. The US is now supporting the current Ukrainian government through its USAID guarantee programme.