During the negotiations with representatives from Ukraine and the EU, Moscow’s position has been that Ukraine is not entitled to preferential trade with CIS (Commonwealth of Independent States) countries once it aligns itself with the European trade bloc. The Moscow embargo will extend to Ukraine punitive measures already in place against Western countries.
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Peskov said the Kremlin was considering countermeasures in response to the latest sanctions.
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The enclosures said the application of the trade and economic section of Ukraine’s Association Agreement with the European Union as of January 1, 2016, had radically changed the circumstances, which were crucial for Russian Federation when it concluded the treaty with Ukraine. Larry is our main news editor. Exports of military equipment and energy-related equipment to Russian Federation are also restricted.
Moscow is about to toughen economic restrictions against Ukraine by banning food imports from the neighbor starting from next year when Kiev’s free trade regime with the European Union (EU) becomes effective.
That conflict, state the Russian Foreign Ministry officials, was not caused or started by Russia, but by the current Ukrainian authorities in an attempt to crush the Donbass disagreement with the coup.
“I think we will return to these issues a couple of times”.
Sanctions were introduced initially for a year on July 31, 2014, following Russia’s seizure of Ukraine’s Crimea region.
Russian Federation was the sole creditor to not consent to an $18 billion restructuring deal agreed in September as part of a $40 billion IMF-led support package for Ukraine, which is still mired in recession.
The economic effect on Ukraine and Russia of any Russian trade retaliation is likely to be muted since their bilateral trade fell off considerably as a result of the conflict in Ukraine, which triggered sanctions on Russia from the West.
It has also targeted those involved in Moscow’s annexation of Crimea in March 2014 with similar measures which expire in June.
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In June 2015, the sanctions were renewed for six months to January 2016 and will now run until end-July.
