Russia's role in the future of the Ukraine has become the latest focus for the country after acting president warned of "dangerous signs of separatism" following the ouster of Viktor Yanukovych at the weekend.
Russian Foreign Minister Sergei Lavrov has said Ukraine must not be forced to choose between Russia and the West, as the EU and U.S. discuss aid packages for the heavily indebted nation and Russia's offer of $15 billion in aid is no longer certain.
(Read more: Volatile Ukraine may now face default risk)
Both Russia and the West have emphasized they do not want to see Ukraine split and face the risk of civil war after three months of violence, but analysts now say Russia is the "swing factor" in Ukraine's future.
"From almost being at the bottom, Ukraine's economy has now sunk lower in the last two days and in desperate need of aid," said head of credit and political risk advisory JLT Specialty, Elizabeth Stephens.