Ukraine extends countersanctions against Russian goods imports
7 July 2016
The Cabinet of Ministers of Ukraine decided on July 6 to extend Ukrainian countersanctions against Russian goods imports until the end of 2017. The countersanctions prohibit Russian food products as well as other goods, whose total imported value equals the Ukrainian exports banned by Russia. The Cabinet’s ruling was in response to Russian President Putin’s decision on June 29 to extend until the end of 2017 an embargo on goods from states that imposed sanctions against the Russian Federation. Russia first imposed these sanctions in August 2014 (against the E.U., U.S., Canada, Australia and Norway) and expanded them on Jan. 1, 2016 (Albania, Montenegro, Iceland, Lichtenstein and Ukraine).
Zenon Zawada: Although predictable, Putin was also demonstrating his bolstered confidence from the Brexit vote when extending the sanctions. Ukraine’s response was also predictable. However, Russian goods are still widely available in Ukraine (some of which were likely prohibited) and we are confident the same is true in reverse.
