Ukraine's trade minister calculates losses from Russian embargo

Abromavicius calls on the government and parliament to join hands in search for new sales markets / Photo from UNIAN

"The loss of Ukrainian enterprises' revenue from the embargo on foodstuffs and limitations on transit shipments via Russia's territory will be from $800 million to $1.1 billion," the minister said in the government's Q&A session in Ukraine's parliament on Friday, January 29.

According to Abromavicius, these numbers mean only one thing – the government and the parliament need to join hands in search for new markets and assist exporters.

Russia introduced the embargo and restricted transit shipments as of the beginning of 2016 in response to the launch of a free trade area between Ukraine and the European Union.