The fighting in Ukraine will stop Sunday after Ukraine and Russia spent all night negotiating a cease-fire agreement. According to The Wall Street Journal, Russian President Vladimir Putin and Ukrainian President Petro Poroshenko came to terms after 16 hours of talks mediated by French president François Hollande and German Chancellor Angela Merkel. 

Europe and the rest of the world is hoping that this cease-fire agreement will finally bring peace to the conflict-ridden region of Ukraine, which has been embroiled in conflict with pro-Russian separatists since April of last year. A short-lived cease-fire agreement last September did little to put a damper in the fighting.

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The European leaders are celebrating the reprieve from fighting, but they acknowledge there is still a lot of work to do. "We have now a glimmer of hope," Merkel said, adding, "I have no illusions, we have no illusions." According to NPR, many of the main long-term issues are still unresolved, including whether Ukraine will officially recognize the sovereignty of the separatists that have declared independence in certain regions of Donetsk and Luhansk. Ukraine and Russia also did not make any agreements regarding Debaltseve, a government-held town that is still under fire from separatists, reports BBC.

Both sides did make some concessions to come to a cease-fire agreement. Ukraine and Russia agreed to withdraw their weapons within two weeks after the start of the cease-fire to create a 50-kilometer “safe zone.” All prisoners will be released and exchanged and everyone involved with the fighting will be protected under an amnesty law. Ukraine will regain control of its border will Russia if the government carries out constitutional reforms by the end of 2015 to give those pro-separatist regions more autonomy. Also, all foreign troops and weapons will be withdrawn from Ukraine.

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The deal eases the pressure on the United State to send military support to Ukraine. Kiev asked the White House for lethal military aid near the end of 2014, but Obama was waiting on the outcome of the peace talks before making a decision, according to The New York Times.

The U.S. will, however, be part of the international community offering aid. The International Monetary Fund (IMF) announced today that they will offer Ukraine a $40 billion aid and bailout package. The funds will help the Ukrainian government stay afloat as they navigate a more permanent peace. Economic growth in the country should help to relieve some of tension.

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Since the conflict began in April of last year, more than 5,000 people have been killed. The violence has escalated this past month with at least 70 Ukrainian servicemen and 24 civilian casualties thus far, according to Reuters. Even though the fighting is supposed to stop Sunday, a Ukrainian military spokesman claims that Russia sent 50 tans, 40 missile systems, and 40 armored vehicles into eastern Ukraine last night as the peace negotiations continued. Russia denied the claims.

RELATED LINKS

"Lethal Aid to Fight Rebels in Ukraine?" - The New York Times

"Fighting Continues Despite Ukraine Truce Agreement" - Aljazeera America

"Stocks Higher on Cease-Fire Over Ukraine" - USA Today

"Ukraine Cease-Fire Agreed But Doubts Persist It Will Bring Peace" - The L.A. Times

"How long will this Ukraine case-fire deal last?" - CNBC

Contact Staff Reporter Meghan Coyle here.