US senate committee approves controversial legislation

The U.S. Senate Foreign Relations Committee has voted 14-3 to approve legislation, which will impose sanctions against any person involved in the violence against anti-government protestors in Ukraine and any individuals involved in propagating the ongoing crisis. The legislation will also provide US$1 billion in loan guarantees and millions in aid to support Ukraine's interim government and economy. International Monetary Fund reforms are also included in the legislation containing a series of measures requested by the Obama administration in 2010, including the movement of US$63 billion from a crisis fund to its general accounts to preserve U.S. influence at the lender in light of developing countries such as China, India, Brazil and Russia disputing the U.S.'s influence at the fund and attempts to shift this influence towards themselves. The legislation is still pending a full Senate vote and if passed it will then require a positive vote from the House of Representatives to become law.