Ukraine May Lose $1Bln Over Russia’s Trade Restrictions in 2016

Posted: August 17, 2016 in Uncategorized
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Economic losses of Ukraine because of Russian trade restrictions will amount to about $1 billion in 2016, Ukrainian Deputy Minister for Economic Development Nataliya Mykolska said on Tuesday.

 Russia introduced embargo on Ukrainian food products on January 1, 2016, as the country joined the anti-Moscow sanctions imposed after Crimean reunification with Russia. In July, Russia extended the measures till the end of 2017.

On July 1, Russia also imposed temporary ban on automobile and railway transit of some Ukrainian goods to Kazakhstan and Kyrgyzstan through the Russian territory.

“In 2016, according to our estimations, our economy will lose about $1 billion because of the measures introduced by Russia,” Mykolska, the trade representative of Ukraine, told the Ukrainian media Apostrof.

She added that during the first five months of 2016 the Ukrainian export to Russia decreased by 36.2 percent comparing to the same period of the previous year.

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