The Federal Council of Russia’s Federal Assembly approved the law on suspension of free trade area agreement (FTA) with Ukraine, Interfax-Ukraine reported. The bill was supported by 158 senators of the upper chamber of the Russian parliament.
The document foresees that the decision to renew the treaty would be made by the President of the Russian Federation.
Previously, December 22, Russia’s State Duma (lower house of the Parliament) passed the law on suspension of the FTA with Ukraine.
December 16, Russian President Putin signed the decree, which comes into force on January 1, 2016. The document claims that the FTA agreement is suspended due to “extraordinary circumstances, concerning national interests and economic safety of the Russian Federation”. Russia also introduced the food embargo against Ukraine.
Ukraine’s President Petro Poroshenko, commenting on the decision, said he’d regretted that Russia suspended the treaty and added that the nation is ready to pay such price for its choice of European integration.