Ukraine's Export to Russia to Fall by 30% in 2016, Losses to Be $1.3Bln

© AFP 2023 / SERGEI SUPINSKYA man stands next to an advertising placard showing British pounds, US dollars and Ukrainian hryvnia banknotes in the Ukrainian capital Kiev
A man stands next to an advertising placard showing British pounds, US dollars and Ukrainian hryvnia banknotes in the Ukrainian capital Kiev - Sputnik International
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Ukrainian exports to Russia will fall by 30 percent this year, with Kiev's losses reaching around $1.3 billion, the Ukrainian National Bank said Monday.

KIEV (Sputnik) — "Exports to Russia in 2016 will decrease by 30 percent as a result of both restrictions and economic factors," the bank said in a statement.

Ukraine will also lose around $460 million due to restrictions in transit through Russia, according to the forecast.

On December 21, Russian Prime Minister Dmitry Medvedev signed a directive to impose economic measures against Ukraine, effective from January 1, 2016, in response to Kiev’s implementation of anti-Russia sanctions. These measures include an embargo on the import of certain Ukrainian food products and the imposition of customs duties on other Ukrainian goods.

On December 16, it became known that Russian President Vladimir Putin had signed a decree suspending Russia’s implementation of the Commonwealth of Independent States free trade deal with Ukraine, also effective from the start of 2016.

Earlier in December, Russia, the European Union and Ukraine failed to reach an agreement on the EU-Ukraine free trade deal, which was expected to come into effect on January 1, 2016. The deal is a part of the Ukraine–EU Association Agreement ratified last year, which the Russian government sees as a source of certain risks for Moscow.

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