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EU won't compensate Ukraine for losing Russian market from January 1 — EU commissioner

November 19, 2015, 17:30 UTC+3 KIEV
Russia’s decision on food embargo will come into effect only if the parties fail to agree on eliminating economic risks for Russia in case of Ukraine’s Association with the EU
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Commissioner for European Neighborhood Policy and Enlargement Negotiations Johannes Hahn

Commissioner for European Neighborhood Policy and Enlargement Negotiations Johannes Hahn

© EPA/OLIVIER HOSLET

KIEV, November 19. /TASS/. The European Union (EU) will not compensate Ukraine for losing the Russian market after the free trade zone regime is set between the country and the EU from January 1, 2016, Commissioner for European Neighborhood Policy and Enlargement Negotiations Johannes Hahn said in an interview with European Truth.

"We’ve already granted pretty much money to Ukraine’s business for getting prepared to new export opportunities and new market conditions," he said. "Let us be candid - since the time we agreed on a free trade zone it has been no secret that after it is introduced the Russian Federation may respond, whether we like it or not," Hahn said, adding that Ukraine has had enough time to get prepared.

On Wednesday, Russia’s Economic Development Minister Alexey Ulyukayev said that Russian government had decided to impose food embargo against Ukraine starting from January 1. "Since Ukraine joined anti-Russia sanctions - economic, financial - we’ve decided to impose … protective measures in the form of food embargo," he said, adding that the decision is "postponed till January 1." "Most likely we’ll have to protect our market on a unilateral basis from unattended access of goods through Ukraine’s customs territory, those being goods from third countries, first of all from the states of the European Union. The protection will mainly concern introduction of most favored nation regime. In a situation like that we won’t have reasons for keeping zero rate of customs tariff with Ukraine," the Minister said.

On the same day Ukraine’s Prime Minister Arseniy Yatsenyuk said that the country estimates potential losses of Russia’s food embargo at $600 mln in 2016. "We are preparing for Russia’s introduction of trade restrictions against Ukraine. Ukraine performed its assessment of potential losses from embargo, at least for 2016. We will lose about $600 mln of export to Russia," he said.

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