The National Bank of Ukraine calculated losses from the Russian embargo

Due to the new trade restrictions of Moscow, Ukrainian exports to Russia in 2016 may be reduced by 31 percent. This is stated in the report on the financial stability posted on the website of the National Bank of Ukraine. According to the regulator, the damage from the Russian embargo will be $ 1.3 billion.

According to the National Bank, in 2015, the share of Russia in commodity exports from Ukraine decreased to 12.1 percent, and in the first quarter of 2016 to 7.5 percent. The difficulty of accessing Ukrainian goods on the Russian market negatively affects the key sectors of the Ukrainian economy, the department noted.

The report also predicts a further decrease in the number of labor migrants from Ukraine in Russia, a reduction in money transfer to Ukraine and a deterioration in the situation in the Ukrainian labor market. According to the National Bank, in 2015, money transfers from Russia were almost halved compared to 2014 to $ 1.16 billion, although, as the regulator is stipulated, "this is partly explained by the depreciation of the Russian ruble."

On December 16, 2015, Vladimir Putin signed a decree on the suspension of the Free Trade Zone against Ukraine from January 1, 2016. The document said that this decision is explained by "exceptional circumstances affecting the interests and economic security of Russia." The list of countries in respect of which Russia introduced a food embargo, in addition to Ukraine, Albania, Montenegro, Iceland, Liechtenstein are also revealed.

On January 2, the response sanctions of Ukraine stepped into virtue. Until the end of the year, instead of a zero rate on Russian goods, preferential duties provided for by the country's customs tariff are set. The resolution may be canceled after the termination of the violation of Russia on the free trade zone.

In addition, from January 10 to August 5, 2016, there will be a ban on the import of a number of Russian goods into Ukraine. However, it can also be canceled in the event of the termination of the Russian embargo on the import of Ukrainian products.

On December 30, 2015, President of Ukraine Petro Poroshenko signed the law on amendments to the Law "On Foreign Economic Activities", according to which the government may "apply adequate measures of an economic nature to the aggressor state." "In the event that discriminatory or unfriendly actions regarding Ukraine are used by the state recognized by the Verkhovna Rada of Ukraine by the aggressor state or the state by the occupier, measures in response ... can be applied by decision of the Cabinet of Ministers of Ukraine," the document says.

On the same day, the Ukrainian government adopted decisions on customs duties and a ban on the import of Russian goods. The restriction relate to bakery, flour confectionery, chocolate sweets, meat, fish, coffee, black tea, baby food, filter cigarettes, beer, vodka and a number of other products.