Ukraine is desperate for a financial bailout after months of conflict in the former Soviet state, and the West seems eager to hand over the funds. But a lot of that cash could end up going to Ukraine's chief antagonist: Russia.

"That money could very well indirectly make it toward Russia, given the amount of economic and financial transactions between Kiev and Moscow," said Stratfor Eurasia analyst Eugene Chausovsky.

Ukraine has been in a recession since the middle of last year, and its economy has been hit by deflation. The Ukraine government said last month that its budget deficit rose 21.2 percent in 2013 over 2012.

In response to its economic struggles and Russia's invasion of the Crimea, the European Union on Wednesday said it's ready to give $15 billion in loans and grants to Ukraine. On Thursday, the U.S. House of Representatives overwhelmingly passed a measure that will fast-track $1 billion in loan guarantees to Ukraine.

Alexander Gordin, managing director of Broad Street Capital, who has had extensive business dealings in Russia and Ukraine for two decades, told CNBC that some of the money will likely be used to pay back Russian loans to Ukraine and to buy Russian natural gas. Ukraine buys 60 percent of its natural gas from Russia.



(Read more: Crimea votes to join Russia; Obama orders sanctions)