Damage of EU-Ukraine association to Russia is USD 3.5 bn, - Economy Ministry

Source : 112 Ukraine

The Russian side already “minimizes risks” for its economy, the Ministry’s representative says
18:17, 22 December 2015

Russian entrepreneurs might suffer losses of USD 3.5 bn due to Ukraine’s economic association with the EU, said First Deputy Minister of Economic Development of Russia Alexei Likhachev (RIA Novosti).

According to him, such sum would be lost by Russian entrepreneurs and businessmen in case the Russian government didn’t react to the launch of the Free Trade Area between Ukraine and the EU. It is expected to come into force on January 1, 2016.

“However, in this case, we withdraw all kinds of trade preferences (for Ukraine), and we introduce tough standards of the custom service and phytosanitary control. Thus, we minimize the damage to our economy”, Likhachev said.          

Previously, December 16, Russian President Vladimir Putin signed a decree on suspension of the free trade area with Ukraine since January 2016. “The respective agreement is suspended due to the extraordinary circumstances that concern national interests and economic safety of the EUssian Federation”, the document says.

Ukraine’s President Petro Poroshenko commented on the decision of the Kremlin, saying he regretted the fact that Russia had suspended the free trade area agreement with Ukraine. However, he added that the Ukrainian nation is ready to pay such price for its European choice.

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