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Federica Mogherini and Edgars Rinkevics. Riga, 8.01.2015. Photo: am.gov.lv

She said that the EU had an excellent opportunity to successfully pursue the European Neighborhood Policy during Latvia's presidency of the Council of the EU Council.

The EU's efforts have to be equally divided between Southern Europee and Eastern Europe countries, said Mogherini, adding that the EU had also to consider the Arctic. She went on to say that the EU would also have a great opportunity to try to solve the crisis in Ukraine during Latvia's presidency.

Mogherini added that Ukraine would have to do its homework by carrying out the necessary reforms in various areas, including measures against corruption.

It is not easy for Ukraine to push on with the reforms in the current circumstances, admitted Mogherini. Nevertheless, the EU has to see that Ukraine is resolved to carry out the reforms.

At the same time, the EU also has to pursue a political dialog with Moscow. Mogherini hopes that Rinkevics' visit to Moscow will contribute to the dialog, and that there will be new opportunities to achieve peace in Ukraine in the wake of Runkevics' visit to Russia.

If the Minsk agreement is observed and the situation in Ukraine begins to improve, the EU could lift its sanctions against Russia, fully or partly, added Mogherini, adding she had information that Russia had changed its stance on many matters.

As reported, the EU proposes a EUR 1.8 billion support program to Ukraine, as European Commission President Jean-Claude Juncker announced during a press conference in Riga yesterday.

Juncker said that the EU will continue to grant aid to Ukraine by allotting EUR 1.8 billion in macro-financial assistance.

"This is European solidarity in action," Juncker said, hoping that Latvia will be of assistance in matters related to Russia.

The Foreign Ministry informed LETA that yesterday's proposal to provide the said support program will be implemented in the course of 2015, and in early 2016. The European Commission announced in a press release on Thursday that the program is intended to assist Ukraine economically and financially with the critical challenges the country is facing, such as a weak balance of payments and fiscal situation.

The Commission says that it will be the third macro-financial assistance program for Ukraine since 2010. In the course of 2014 alone, the Commission disbursed EUR 1.36 billion in support of Ukraine under the existing programs. The disbursement of the final portion of EUR 250 million under these programs could be expected by the spring of 2015.