In case Russia introduces embargo against Ukrainian products Ukraine is expected to lose $600 million in 2016 / Photo from UNIAN
Ukraine's dependence on Russian market has decreased considerably, while the losses due to the Russian embargo would be offset by an increase of exports to the European Union.
"Ukraine estimated its losses in 2016 from the trade embargo by the Russian Federation: Ukraine will lose about $600 million worth of exports to the Russian Federation," said Ukrainian Prime Minister Arseniy Yatsenyuk at a government meeting on Wednesday.
Read alsoRussia decides to impose food embargo against Ukraine from Jan 1According to Yatsenyuk, Ukraine's dependence on Russian market has decreased considerably, and the losses caused by the embargo against the Ukrainian food products would be compensated by increased exports to the European Union following the entry into force of the Deep and Comprehensive Free Trade Area.
"We are prepared for Russia imposing restrictive measures in trade,” said the prime minister.
As UNIAN reported earlier, according to European Commissioner for Trade Cecilia Malmström, the European Union will do everything possible within the framework of negotiations with the Russian Federation to prevent the introduction of the embargo against the Ukrainian goods, but it cannot guarantee a positive outcome.
Ukraine promises to retaliate in case Russia introduces embargo and exits the agreement on the free trade zone starting January 1, 2016.
Earlier, Minister of Economic Development Aivaras Abromavicius noted that the embargo, expected to be introduced by the Russian Federation against the Ukrainian goods in connection with the introduction of the DCFTA between Ukraine and the EU, will primarily affect Russian consumers.
The European Union and Ukraine are not going to postpone the introduction if the DCFTA, which will take effect from January 1, 2016, neither are they intending to amend the text of the Ukraine-EU Association Agreement.