Looser Russian customs rules to save Ukraine $1.5 Bln in 2014 - minister
KYIV. Dec 18 (Interfax) - Restoring former liberal customs regulations on imports from Ukraine that Russia committed itself to under an agreement reached on Tuesday will save Ukraine about $1.5 billion in 2014, according to the Ukrainian industrial policy minister.
Ukraine has cut its exports by $1.4 billion in 2013 after Russia tightened its customs rules for imports from the neighboring country this year, the minister, Mykhailo Korolenko, told a briefing at the Cabinet on Wednesday. As a result, Ukraine's exports for the period from January to October showed a 10% year-on-year decline.
Russia's stricter regulations have affected practically all Ukrainian industries but mainly motor vehicle, railcar and pipe manufacturing, Korolenko said.
He cited expert projections that Ukraine would have had to slash its exports to Russia by between $4 billion and $4.5 billion a year if the Russian and Ukrainian presidents, Vladimir Putin and Viktor Yanukovych, had not signed Tuesday's customs accord in Moscow.
