Ukraine has estimated the damage from Russian sanctions


The national Bank of Ukraine predicted the decline in exports to Russia during the current year by 31% to $1.3 billion this is stated in the report of the regulator on financial stability in Ukraine, which is published on its website.

The national Bank reminds about the restriction of Ukraine’s access to Russian markets of goods, services and labour, the suspension of the Treaty on free trade zone, an embargo on food imports from Ukraine, as well as the obstacles for the transit of Ukrainian goods to the countries of Central-Eastern Asia.

Russia’s share in commodity exports from Ukraine, according to the regulator, declined to 12.1% last year and to 7.5% in the first quarter in 2014, and 17.6%). The complication of access of Ukrainian goods to the Russian market has a negative impact on key sectors of Ukraine’s economy, highlights the national Bank.

Also, the regulator predicts a further decrease in the presence of labor migrants in Russia, the decline in remittances to Ukraine and a certain deterioration of the situation on the Ukrainian labor market. According to the national Bank in 2015, remittances decreased “by almost half compared with 2014 to $1.16 billion, although, as specified controller, “partly due to the depreciation of the Russian ruble. In General the reason, according to him, a deterioration in 2015, the conditions of stay of Ukrainian labor migrants in Russia.

Russian food embargo was initially imposed on EU countries, USA, Canada, Australia and Norway in August 2014 in response to sanctions over the situation in Ukraine and the annexation of Crimea. Later in the blacklist have been added five more countries, including Ukraine, which has been found in this January 1, 2016.