REUTERS
The Ukrainian government has made significant efforts to gradually replace Russia's goods imports by boosting domestic production.
Ukraine's Economic Development and Trade Ministry says Moscow's introduction of the ban on exports of Russian oil and oil products to Ukraine was an expected move, but the issue requires additional discussion in the part of measures to minimize negative consequences.
"On April 18, 2019, the government of the Russian Federation introduced new economic sanctions against Ukraine, that is, a ban on imports from Ukraine to Russia of such goods as paper products, light industry goods, metallurgical and engineering products, as well as supplies of oil and oil products from Russia to Ukraine. We stress that such steps on the part of the Russian Federation have been expected," the ministry's press service said in a statement April 19.
Read alsoRussia bans exports of oil, petroleum products to Ukraine
The Economic Development Ministry and other government bodies shortly plan to conduct an additional assessment of the measures introduced by Russia, as well as to discuss additional priority actions to minimize possible negative consequences for Ukraine's economy, it said.
The Ukrainian government has made significant efforts to gradually replace Russia's goods imports by boosting domestic production, reorienting exports to the domestic market, and diversifying supply lines from other countries, in particular, from the European Union.
"Exports of goods from Ukraine to Russia in 2018 shrank by 7.2%, or by US$282.4 million to $3.7 billion. Russia's share in total exports of goods from Ukraine decreased to 7.7% compared with 9.1% in 2017," the report said. "Russia's share in the total revenue from imports to Ukraine is gradually shrinking as well: from 14.5% in 2017 to 14.2 % in 2018."