Trade embargo with Russia enters into force in Ukraine, valid until August 5
Source: Focus Information Agency
Kyiv. Government decree imposing restrictions on trade with Russia enters into force in Ukraine. The document was posted on the official website of the Ukrainian government, TASS reports.
On December 24, Ukraine’s Verkhovna Rada (parliament) passed the law, which enables the government to impose economic sanctions against Russia. Particularly, the government will have the right to impose “a ban on foreign economic operations or their restriction” as well as abandon tariff preferences.
Earlier Yatsenyuk said that in case the Russian Federation imposes trade embargo starting from January 1, 2016 Kyiv will be prepared to impose “counter mirror-image measures.” On Tuesday, he said that the Ukrainian government will enact a regulation on introduction of anti-Russia sanctions after the country’s President Pyotr Poroshenko signs the law “On external economic activity”.
Ukraine’s parliament passed the document in response for Russia’s law “On suspension of the force of Agreement on free trade zone regarding Ukraine by the Russian Federation,” which implies suspension of the force of preferential trade regime with Ukraine for preventing threats to Russia’s economic stability due to implementation of the trade and economic section of the agreement on Ukraine-European Union association from January 1, 2016. On November 18, the Russian government also made a decision to impose food embargo against Ukraine starting from January 1, 2016 due to Kyiv’s joining anti-Russian sanctions.
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