Ukrainian exporters' direct losses from Russian embargo estimated at $98 mln

REUTERS

"Direct losses being sustained by Ukrainian producers as lost earnings from the embargo alone will be $98 million. This is a standalone figure. If taken together with an increase in tariffs [and duties], we estimate that Ukrainian producers may fall short of the amount estimated at from $420 million to $600 million," he said at a briefing in Kyiv on Tuesday.

As UNIAN reported earlier, Russia imposed tough sanctions in trade with Ukraine in response to the launch of a free trade area between Ukraine and the European Union from January 1, 2016. In particular, Russia embargoed Ukrainian food imports as of January 1, 2016, and restricted transit shipments of Ukrainian commodities via Russia as of January 4, 2016.