Home / World / Russia complains to lose billions due to the EU-Ukraine FTA coming into force

Russia complains to lose billions due to the EU-Ukraine FTA coming into force

The Russian government has complained that there will be significant losses from the introduction of a free trade area agreement between Ukraine and the EU
Russia complains to lose billions due to the EU-Ukraine FTA coming into force

The Russian Ministry of Economic Development estimates the losses due to the introduction of a free trade area between Ukraine and EU, Joinfo.ua reports with reference to Interfax.

The First Deputy Economic Development Minister Alexey Likhachev, presenting in the Russian State Duma a bill “On suspension by the Russian Federation of the Treaty on a free trade area with Ukraine”, said that potential damage to the Russian companies in the short term will amount to $3.5 billion.

At the same time, he assumes that the decision of Russia to suspend the FTA with Ukraine will reduce this figure significally.

Likhachev said that Russia was trying to get their concern to Ukraine and the EU, but they showed no desire to negotiate.

It should be recalled that yesterday, another round of talks regarding Russia’s concerns about the EU-Ukraine free trade agreement brought no results, so the FTA comes into force on January 1, 2016.

On December 16, Russian President Vladimir Putin signed a decree on the suspension of the free trade area agreement with Ukraine.

Prime Minister of Ukraine Arseniy Yatsenyuk noted that in the event of a trade embargo Ukrainian exports to Russia in 2016, according to preliminary estimates, will decrease by $ 600 million.