PM: FTA agreement between Ukraine and EU to take effect from 1 January. We are preparing ourselves for Russia's trade embargo

"We are preparing ourselves that the FTA agreement with the EU will come into force from 1 January, 2016. There can be no doubt that the agreement on a free trade area between Ukraine and the European Union will take effect. We are preparing ourselves for Russia’s possible trade restrictive measures against Ukraine," Prime Minister of Ukraine Arseniy Yatsenyuk emphasised at a government meeting on Wednesday, 18 November.

He informed about an estimate of probable losses from a trade embargo by the Russian Federation, "At least for 2016, our preliminary assessment is that Ukraine will lose about $600 million in exports to the Russian Federation."

The Prime Minister reminded that Ukraine had reduced dependence on the Russian market three times: "If three years ago this dependence made up on average 35%, today - 12.5%."

Arseniy Yatsenyuk appealed to the First Deputy Minister of Foreign Affairs of Ukraine and Ukraine’s trade representative after the recent meeting with the EU Commissioner for Trade "to have a joint assessment of Ukraine’s losses in case of a Russia’s illegal trade embargo."

The Prime Minister also stressed the need to develop a joint plan on overcoming the negative effects of the Russian economic aggression against Ukraine, "We are looking forward to a joint position of the European Union and Ukraine in this matter, as after January 1 Ukraine and the European Union will be in the common trade area."