FX.co ★ Ukraine to impose sanctions against Russia

Last week Ukraine’s Verkhovna Rada (parliament) passed a law enabling the government to impose economic sanctions against Russia in response to Moscow’s decisions regarding the free trade zone and food embargo.

The bill was supported by 219 members of the 450-seat Parliament. To adopt the bill it was necessary to get 266 votes.

Russia has imposed trade embargo on Ukrainian products. It is not the first time that the Russian government has introduced trade restrictions. However, this time, Ukraine is ready to impose sanctions against Russia in response.

“Over the past three years we have cut the dependence on Russia three-fold. Three years ago, the volume of Ukrainian exports to Russia amounted to about 35 percent. Today, it's only 12 percent. We will protect the domestic market” Yatsenyuk said.

A free trade agreement between the European Union and Ukraine, which will go into force as planned January 1st, provoked the immediate reaction of the Russian government – implementation of restrictive economic measures.