Ukraine imposes sanctions in response to Russian trade embargo

Ukraine imposes preferential duty rates set by the Ukrainian Customs Tariff regarding all goods originating from Russia, while the preferential regime with the Russian Federation (free trade) is canceled from January 2, 2016, the governmental press service reported. 

According to the report, the measures are introduced for one year in accordance with decree of the Cabinet of Ministers of Ukraine dated 30.12.2015 No. 1146 that aims at protecting economic interests and security of Ukraine, restoring the violated rights, freedoms and legitimate interests of Ukrainian citizens, society and the state, which has resulted from Russia's actions – an aggressor state. Its actions limit the exercise of Ukraine's legitimate rights and interests in the field of foreign economic activity, according to the report. The measures are introduced in response to the suspension by Russia of the Free Trade Zone agreement with Ukraine dated October 18, 2011.

Ukraine's Trade Representative Natalia Mykolska stated the Ukrainian government would continue to promote the interests of Ukraine and consistently protect local producers on domestic and foreign markets.

As UNIAN reported earlier, the Ukrainian government introduced import duties on Russian goods following the proposal of the Ukrainian Ministry of Economic Development and Trade, and also imposed a ban on imports of a number of commodity groups from Russia, including food, chemical products and railway equipment.