Poroshenko has allowed the Cabinet of Ministers of Ukraine to impose counter-sanctions against Russia

Moscow. December 29. The President of Ukraine Petro Poroshenko has signed the law on amendments to the law “On foreign economic activity” – on “giving government the power to apply appropriate measures of an economic nature to the state aggressor”.

As reported on the official website of the Ukrainian Parliament, the relevant law adopted by the Verkhovna Rada of Ukraine on 24 December, on Tuesday was returned with the signature of the President.

The article of the law on measures in response to discriminatory or unfriendly actions of other States is supplemented by the provision: “In case of discriminatory or unfriendly actions on Ukraine are used by the state, recognized by the Verkhovna Rada of Ukraine by the aggressor state or government by the occupier of a response… may apply by decision of the Cabinet of Ministers of Ukraine”.

Specified additional measures that can be applied in response: the prohibition of foreign trade operations or restrictions on their exercise, the cancellation of tariff privileges (preferences) on the rates of Customs tariff of Ukraine by the suspension of exemptions to import duty, or full use of preferential import duty rates or the abolition of tariff quotas.

The law comes into force on the day following the day of its publication.

The corresponding bill was registered in the Verkhovna Rada on December 23, and supported at the meeting on 24 December.

On Tuesday the Prime Minister of Ukraine Arseniy Yatsenyuk said that the Cabinet will impose counter-sanctions in reply to sanctions of the Russian Federation after signing by the President of Ukraine of amendments to the law on FEA. He said that Ukraine has developed countermeasures in response to the threat of a trade embargo, and the threat of termination of the agreement on free trade zone within the CIS between Ukraine and the Russian Federation. “While other countries (parties to the agreement on the FTZ in the CIS) has not stated its position on termination of this agreement,” added the Prime Minister.

Yatsenyuk reminded that the Russian Federation was held 16 rounds of talks to remove the concerns of Russia in connection with the entry into force of the FTA with the EU, however they in what have not resulted.

The President of Russia Vladimir Putin on December 16 signed a decree on suspension from 1 January 2016 to the Treaty on the free trade zone on Ukraine “in view of exceptional circumstances affecting the interests and economic security of the Russian Federation and require urgent measures”.

As previously reported, on January 1, will enter into force on the economic part of the Association of Ukraine with the EU. Russia believes that it may have a negative impact on its economy.

Ukrainian exports to Russia for the first 9 months of 2015 decreased by 32.7% to $28,11 billion, whereas import – by 33.6%, to $27,38 billion.