Ukraine is ready to commence consultations on the introduction of additional 5-10% imports duties for 100 groups of goods in the World Trade Organization's (WTO) Committee on Balance-of-Payments Restrictions.

According to a posting on the WTO's official website, temporary import surcharge is being introduced because of serious deterioration of the balance of payments of Ukraine, a significant reduction of its monetary reserves.

The objective of this measure is to address quickly the negative balance of payments of Ukraine, a significant reduction of monetary reserves of the National Bank and to restore equilibrium of the balance of payments.

In 2014 balance of payments of Ukraine was affected by a combination of extremely adverse factors such as increased barriers to Ukrainian export to traditional markets, unfavorable market prices for major export goods, anti-terrorist operation in eastern Ukraine and annexation of Crimea, dramatic devaluation of the national currency, destabilization of the banking system and outflow of investments.

Following 11 months of 2014 the balance of payments has been formed as negative at more than $11.046 billion. As of January 9, 2015 the international reserves amounted to $ 7.34 billion which provided funding of future imports for 1.4 months.