Fitch Ratings decided to keep unchanged Ukraine's rating following the Ukrainian government's decision to take a pause in the process of association with the EU, as it does not expect any rewards offered by Russia in the short-term, such as access to financing or cheaper gas, that could help Ukraine to resolve its problems.

"Fitch does not expect any rewards offered by Russia in the short-term, such as access to financing or cheaper gas, to go far to address the sovereign's economic policy or external financing challenges," Fitch said on Friday.

Ukraine's call for three-way talks involving the EU and Russia indicates that the government wants to keep an EU deal as an option and capitalize on the legislative preparations it has already made.

"However, European Parliamentary elections in May 2014, followed by Ukraine's presidential election in April 2015, mean reviving the process will probably take time," Fitch said.

Fitch also said that Ukraine could benefit more from the signing of the EU agreement than from accession to the Customs Union.

"Thursday's decision therefore looks set to prolong the status quo, with Ukraine uncommitted to either an EU deal or membership of Russia's Customs Union," Fitch said.