11 Apr 2022 15:20

Ukraine imposes full embargo on imports of goods from Russia

KYIV. April 11 (Interfax-Ukraine) - The Ukrainian government has backed the decision to impose a complete embargo on imports of goods from Russia, the Ukrainian Ministry of Economy said in a statement on Sunday, citing First Deputy Prime Minister and Economy Minister Yulia Svyrydenko.

"Such a decisive step taken by Ukraine can serve as an example for our Western partners and will encourage them to toughen sanctions on Russia. In particular, the imposition of an energy embargo and the isolation of all Russian banks," she was quoted as saying.

According to the Ministry of Economy, the ban on Russian imports will block $6 billion worth of currency receipts to Russia annually.

The Ukrainian government on Sunday evening published its resolution No. 426 of April 9 "On the application of the ban on the import of goods from the Russian Federation."

"In accordance with Part 11 of Article 29 of the Law of Ukraine 'On Foreign Economic Activity', the Cabinet of Ministers of Ukraine decides to ban the import of products from the Russian Federation into the customs territory of Ukraine in the customs regime of import," the document said.

The decree takes effect on the day of its publication. 

As reported, Ukrainian President Volodymyr Zelensky on April 6 tasked the government with formalizing the halt of trade turnover between Ukraine and Russia.

According to the Ukrainian State Customs Service, last year the trade between the two countries increased by 38.7% up to $10.09 billion from $7.28 billion.

In particular, the imports increased by 45.9% to $6.65 billion from $4.56 billion, while the exports rose by 26.5% to $3.44 billion from $2.71 billion.

According to the State Statistics Committee, the imports from Russia to Ukraine grew last year by 33.9% to $6.08 billion, while exports to Russia by 26.2% to $3.41 billion.

Last year, the major items of imports from Russia were oil and oil products - $3.43 billion (33.5% increase), machine building products - $418.3 million (+21.7%), plastics and polymeric materials - $351.6 million (+61.7%), ferrous metals - $301 million (+64.7%), 7%), inorganic chemicals - $161.6 million (+83.6%), aluminum and aluminum products - $137.6 million (+54.5%), gum, rubber - $126.4 million (+34.8%), glass and glass products - $115 million (+65.7%), various chemical products - $99.1 million (+85.6%).

The list also includes nickel and nickel products - $94.1 million (+83.3%), land vehicles (other than railroads) - $84.5 million (+56.3%), electrical machinery - $81.7 million (+28, 4%), ferrous metal products - $73.5 million (+58.3%), organic chemicals - $70.2 million (+19.5%), cardboard and paper - $59.3 million (38.2% decline), essential oils - $53.4 million (+9.2%).

In the total structure of Ukraine's imports, Russia accounted for 8.4% and exports 5%.