09:19 31.12.2015

Embargoed imports from Russia equal in value to Ukrainian exports banned by Russia

2 min read
Embargoed imports from Russia equal in value to Ukrainian exports banned by Russia

Ukraine will introduce "mirror" sanctions regarding some groups of commodities originating from Russia on the first day after the Russian government's embargo on Ukrainian goods comes into force, the Agrarian Policy and Food Ministry reported.

"The amount of farm produce exports to be subject to the Russian embargo was $116.4 million in the 10 months of 2015, which is 1% of overall agricultural exports. At the same time, total imports of goods shipped from Russia to Ukraine that will be sanctioned in response [to the embargo] were estimated at $118.8 million in the 10 months. Thus, Ukraine will compensate its export losses due to limitations on imports," the ministry's report available on its website quoted Agrarian Policy and Food Minister Oleksiy Pavlenko as saying.

He also added that most of commodities shipped to Ukraine from Russia are the produce of transnational companies whose production facilities are spread around the globe, including in Europe.

He also claims that the bilateral embargo might encourage these companies to consider the possibility of deploying its production facilities in Ukrainian territory.

Among the major groups of the sanctioned products imported to Ukraine from Russia are extracts, essences and instant coffee (22%), filtered cigarettes (18%), gum, food additives (9%), chocolate bars and other chocolate products (9%), tea (5%), roasted coffee (5%), and food for pets (2%).

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