Ukraine remains caught in a tug of war between Europe and Russia, which are vying for political sway over the country’s future. Both are both deeply wary of putting up cash, however, given the uncertain political situation and Mr. Yanukovich’s long track record of playing East against West, most recently with his move on the accords.

In rejecting the accords, Mr. Yanukovich said he could not accept conditions of an accompanying rescue package from the International Monetary Fund. He was also under heavy pressure from the Kremlin, which threatened draconian trade sanctions if Ukraine signed the trade pact with Europe. If Mr. Yanukovich thought he was making a clever maneuver, stringing along the European Union while he extracted a better deal from Russia, the plan exploded when protesters rushed into the streets.

“Yanukovich was playing a game where he thought he could maneuver the E.U. and Russia to his benefit,” said Stephen Sestanovich, a Russia expert and a senior fellow with the Council on Foreign Relations. “The whole idea was to get both sides to pay.”

Instead, he now has no deal with anyone. Russia has indicated some willingness to help, potentially with a combination of lower gas prices, the refinancing of existing debt and, perhaps, a small bridge loan, but not until the political turmoil has been resolved.

A Russian deputy prime minister, Igor Shuvalov, said in New York on Tuesday that Mr. Yanukovich and President Vladimir V. Putin of Russia would meet again in a week.

The possibility that Ukraine could be tipped back into Russia’s orbit has set Western officials scrambling, in part to put together a more palatable aid package that perhaps would persuade Mr. Yanukovich to reconsider signing the accords.

Opposition leaders here said that they had received assurances in a meeting with European ambassadors that Western financial assistance was still available, and could serve as an alternative to a Russian bailout, though the talks remain preliminary. But there was no indication that the I.M.F. was softening its loan terms.