FX.co ★ Ukraine to impose retaliatory food embargo on Russia

Ukraine’s Prime Minister Arseny Yatsenyuk stated that Kiev would take retaliatory measures in case Russia imposes a food embargo against Ukraine, TASS reported. The economy ministry, finance ministry, state fiscal agency, ministry of internal affairs, and frontier service have been assigned responsibility for implementing this directive.
"I want to make it clear that Russia’s threats of food embargo on Ukrainian goods from January 1 will be followed by a similar mirror-like response from Ukraine’s authorities," the prime minister said.
On November 18, Russia’s Economic Development Minister Aleksey Ulyukayev said that the Kremlin decided to slap a ban on food imports from Ukraine from January 1, 2016. The decision was made as Ukraine entered the free trade agreement with the European Union. Therefore, the Kremlin will not keep zero customs tariffs with Ukraine. Besides, Russia’s embargo on food imports from the EU, US, Canada, and Australia will be also valid for Ukraine.
According to flash estimates, Ukraine’s economy will lack nearly $600 million in 2016 of exports to Russia. Ukraine’s premier termed Moscow’s actions “economic aggression”.