Ministry of Economic Development and Trade Reacts to Russian Oil Ban

Russia recently announced that it would discontinue oil and petroleum product exports to Ukraine

uatv
19.04.2019

Photo from Ukrinform-UATV

 

Ministry of Economic Development and Trade stated that Russia’s restriction of oil and petroleum products supplies to Ukraine is an expected move, their press service reported.

“The Russian Federation, recognized by the Verkhovna Rada of Ukraine as an aggressor State, continues unfriendly action against Ukraine. On April 18, 2019, the Government of the Russian Federation imposed new economic sanctions against Ukraine (a ban on imports of such goods as paper products, light industry goods, metallurgical products, machine-building products from Ukraine to Russia, as well as limited deliveries of crude oil and petroleum from Russia to Ukraine). We note that such steps by the Russian Federation are expected,” the report says.

At the same time, in the near future, the Ministry is planning an additional assessment of measures implemented by the Russian Federation, as well as discuss additional urgent actions to minimize the possible negative consequences for the Ukrainian economy.

According to the Ministry, the Ukrainian government has made significant efforts to gradually replace imports of goods from the Russian Federation over recent years, both by increasing volumes of domestic production and through the exports shift to the domestic market and diversifying supplies from other countries, in particular, from the EU.

Exports of goods from Ukraine to Russia in 2018 decreased by 7.2% or by $282.4 million and currently totals $3.7 billion. The share of Russia in total exports of goods from Ukraine decreased to 7.7% compared to 9.1% in 2017.

Russia’s share in the total volume of Ukrainian import revenues is also gradually decreasing (in 2017 it was 14.5%, and in 2018 it was 14.2%). At the same time, the foreign trade turnover of goods and services with EU countries increased by 13.4% and amounted to $49.3 billion in 2018. The share of EU countries in the turnover of goods in 2018 is already 41.1%.

As reported earlier, on April 18, the Head of the Russian government Dmitry Medvedev said that, in response to imposed sanctions and restrictions for Russia, his office banned the export of Russian oil and petroleum products to Ukraine.

Source UATV
date 19.04.2019
categories Economics
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