The Cabinet of Ministers banned any export of goods to Russia. The embargo will remain in effect until the end of martial law and the cessation of unfriendly Russian actions toward Ukraine.
The press service of the Ministry of Economy writes about this.
"We continue the sanctions pressure against the Russian Federation. This resolution is another of the many tools of economic influence. We understand that sanctions are a means not only of responding to a military threat but also of preventing aggression in the future. I want to state that since the beginning of the war, the export of goods to the Russian Federation was de facto stopped. Now it is fixed at the legal level as well," said Economy Minister Yuliya Svyridenko.
According to her, the introduction of the embargo will not affect the Ukrainian economy because, since the beginning of the full-scale invasion, the export of Ukrainian goods to the territory of the Russian Federation was in the amount of $4.2 million. These are products of ferrous metallurgy and the chemical industry.
For comparison, in January 2022 alone, Ukraine sold $250 million worth of goods to Russia.
"The export embargo will help Ukrainian companies that had contractual obligations to subjects of the Russian Federation to establish legal clarity on the issue of non-fulfillment of contracts. And now they will be able to concentrate their activity on other markets," the Ministry of Economy noted.