Ukraine's economy ministry sets up ad hoc group to monitor trade with Russia

Minister of Economic Development and Trade of Ukraine Stepan Kubiv says the ministry has set up within the governmental Council for International Trade a working group to monitor trade relations with Russia.

"The Ministry of Economic Development has set up an ad hoc working group under the Council for International Trade, which will monitor and develop recommendations on trade relations with the Russian Federation. This is extremely important in the context of Russia's military and commercial aggression," the ministry's press service quoted Kubiv as saying at the first council meeting on April 17.

As reported, another four working groups will operate as part of the Council, namely on trade facilitation, export promotion, customs and tariff regulation and trade protection, and development of a strategy for implementing state policy in international trade.

Read alsoCan sanctions against Russian oligarchs hit their Ukraine propertyAs UNIAN reported earlier, with military aggression in Ukraine in 2014, the Russian Federation launched a trade and economic war, imposing an embargo on a number of sensitive products of Ukrainian exports. Ukraine, in turn, has applied retaliatory measures. In the winter of 2016, exports of Ukrainian goods to Russia were significantly restricted, and then a complete embargo was imposed on Ukraine's food exports to Russia. Later, Russia continued the trade restrictions policy, closing transit shipments of Ukrainian goods through its territory to third countries, primarily Kazakhstan and Kyrgyzstan.

Ukraine filed a number of lawsuits with the World Trade Organization against Russia related to trade restrictions.

Since 2014, Russia's share in Ukrainian exports has dropped to 9% from almost 30%.