Ukrainian Minister of Economic Development and Trade Aivaras
Abromavicius estimates that Ukrainian exporters' direct losses from Russian
trade sanctions introduced as of the beginning of January 2016 will amount to
$420-600 million, while losses from the trade embargo alone will be $98 million.
Direct losses being sustained by Ukrainian producers as lost earnings
from the embargo alone will be $98 million. This is a standalone figure. If
taken together with an increase in tariffs [and duties], we estimate that
Ukrainian producers may fall short from $420 million to $600 million," he
said at a briefing in Kyiv on Tuesday.
As UNIAN reported earlier, Russia imposed tough sanctions in trade with
Ukraine in response to the launch of a free trade area between Ukraine and the
European Union from January 1, 2016. In particular, Russia embargoed Ukrainian food imports as of January 1, 2016, and restricted transit shipments of Ukrainian
commodities via Russia as of January 4, 2016.
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