Washington and the European Union scrambled Monday to forge a rescue deal for Ukraine, but also invited Russia to join the effort, the Wall Street Journal said.
At the same time, EU officials led by foreign policy chief Catherine Ashton were to travel to Kiev Monday in a bid to broker a bailout as Ukrainian politicians struggled to form a government by Tuesday.
Ashton was "expected to meet key stakeholders and discuss the support of the European Union for a lasting solution to the political crisis and measures to stabilize the economic situation," her office said in a statement.
The possible Western bailout would likely to be led by the International Monetary Fund, officials said.
Its amount could exceed the $27.5 billion over seven years that EU officials had considered linking to an EU political-association and free-trade agreement, the Journal said.
Ukrainian President Viktor Yanukovych snubbed that deal in late November in favor of a $15 billion Russian deal, sparking street protests in Kiev that mushroomed into civil unrest and a revolutionary movement in some cities -- culminating in Yanukovych's removal Saturday after he fled the capital for Russian-speaking eastern Ukraine.
Ukraine's Parliament voted unanimously to impeach Yanukovych and scheduled new presidential elections for May 25.
In Kiev, the barricades around Independence Square remained in place Monday, but the lines of riot police were gone.
U.S. officials, not wanting to provoke Russian intervention in a country Moscow has long considered a strategic ally, sought to work with the Kremlin to fashion the proposed multibillion-dollar IMF rescue package, the Journal said.
Russian Finance Minister Anton Siluanov -- who discussed the bailout with U.S. Treasury Secretary Jack Lew Sunday -- didn't rule out supporting the IMF, the Journal said.
Siluanov said Moscow had placed its own assistance package for Kiev on hold.
"The fund has the experience of supporting countries in difficult situations and they have a well-established set of tools to help in such cases," Siluanov said at a Group of 20 finance ministers and central bank governors in Sydney.
Any international bailout would require major Ukrainian economic reforms, IMF Managing Director Christine Lagarde said after the meeting.
Lew, who was also at the G20 meeting, told Ukrainian opposition leader Arseniy Yatsenyuk by phone Washington was willing to supplement an IMF package to "cushion the impact of reforms on low-income Ukrainians," a Treasury official told the Financial Times.
Lew "encouraged Ukraine to begin discussions with the IMF as quickly as possible," the Treasury official said.