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"But given the export decline dynamics in 2015 (among other things due to Russia’s restrictions on certain goods), we are talking about approximately $450 million [in losses]," Mykolska said.

Read alsoUkraine may challenge Russia food embargoAs UNIAN reported earlier, Russia banned the import of agricultural products, raw materials and food from Ukraine starting from January 1, 2016.

In addition, Russia cancelled a free trade agreement with Ukraine from January 1, 2016, according to which Ukrainian goods entered the Russian territory at a zero rate of the customs tariff. The average tariff of 6% will be applied to Ukrainian import starting from January 1, 2016.