Trade with the aggressor country was de facto stopped after the start of the war, and now the embargo has been approved by law.
The government at a meeting on Tuesday, September 27, adopted a resolution that completely prohibits the export of goods from Ukraine to the customs territory of Russia. According to the Ministry of Economy, the resolution will come into effect ending or abolishing martial law and ending unfriendly actions of the Russian Federation against Ukraine.
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The Decree prohibits the export of goods outside the customs territory of Ukraine under economic contracts of another country, the trade or destination country of which is the Russian Federation.
The department states that since the beginning of the war, the export of goods to Russia has been “de facto” stopped. And today’s decision just settled it at the legal level.
The decision will not have negative economic consequences for Ukraine.
“According to statistics, for the period from March to June 2022, the export of Ukrainian goods to the territory of the Russian Federation amounted to only 4.2 million dollars. These are mainly products from ferrous metals in the amount of 4.189 million dollars and chemical products in the amount of 57.2 thousand dollars. For comparison: in January 2022 alone, Ukrainian enterprises exported goods worth $250 million to the Russian Federation,” said the Ministry of Economy .
They added that the export embargo will help Ukrainian companies with contractual obligations to the constituent entities of the Russian Federation to establish legal clarity on the issue of non-fulfillment of contracts. And now they can concentrate activity in other markets.
As you know, Ukraine is seeking a complete embargo on Russian energy resources, but so far with partial success. EU member states have not yet agreed even on the introduction of a ceiling on prices for Russian oil.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.