Ukraine Extends Sanctions on Imports From Russia for Another Year

News
Canan Kevser
25 November 2020, 22:09
Canan Kevser
25 November 2020, 22:09

Ukraine's Cabinet of Ministers has extended trade sanctions on goods originating in Russia for one more year - until 2022.

The draft amends the government's decree of December 30, 2015, which introduces increased import duties on goods from Russia.

The relevant resolution which was drafted by the Ukrainian Ministry of Economic Development, Trade and Agriculture - adopted at a government meeting, on Wednesday, November 25.

"The draft [resolution] proposes that the application of preferential import duty rates set by the Customs Tariff of Ukraine and raised to the level of the World Trade Organisation's most-favored-nation treatment rates for goods originating from Russia be extended until December 31, 2021," the explanatory note said.

On December 16, 2015, Russian President Vladimir Putin signed a decree suspending the agreement on a free trade area with Ukraine. On December 25, Russia's Federation Council, which is the upper house of the Russian parliament, unanimously endorsed the bill on the suspension by the Russian Federation of the Treaty on the free trade area in respect of Ukraine.

In December 2015, Ukraine's Cabinet of Ministers approved a number of trade countermeasures against Russia, as well as approved a list of Russian goods banned from imports into Ukraine.