Wednesday , May 27 2020
Breaking News
Home / International Customs / Ukraine / Ukraine suffers loss of $600m due to declining export to Russia
Ukraine suffers loss of $600m due to declining export to Russia

Ukraine suffers loss of $600m due to declining export to Russia

UNIAN: Ukraine may lose USD 450-600 million in revenues due to embargo imposed by the Kremlin and a drop in exports to the Russian Federation, Ukraine Trade Representative Nataliya Mykolska has told Ukrainian online newspaper Europeiska Pravda.

“But given the export decline dynamics in 2015 (among other things due to Russia’s restrictions on certain goods), we are talking about approximately 0 million [in losses],” Mykolska said.

Russia banned the import of agricultural products, raw materials and food from Ukraine starting from January 1, 2016.

In addition, Russia cancelled a free trade agreement with Ukraine from January 1, 2016, according to which Ukrainian goods entered the Russian territory at a zero rate of the customs tariff. The average tariff of 6% will be applied to Ukrainian import starting from January 1, 2016..