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Law on suspending free trade agreement with Ukraine submitted to parliament

The draft law will be reviewed on December 22

Russia's State Duma Valeriy Sharifulin/TASS

Russia's State Duma

© Valeriy Sharifulin/TASS

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MOSCOW, December 17. /TASS/. Russian President Vladimir Putin has submitted a draft law on suspending the free trade agreement with Ukraine to the State Duma, the lower house First Vic Speaker Ivan Melnikov told journalists on Thursday.

Duma deputies were informed about this at the lower house session by presidential envoy to the State Duma Garry Minkh.

"The president submitted the draft law, it will be reviewed on December 22 - the draft law on suspending free trade agreement with Ukraine," Melnikov said.

On Wednesday Putin signed a decree on suspension of a treaty for creating a free trade zone with Ukraine as of January 1, 2016 in view of exceptional circumstances that affect Russia’s interests and economic security and require immediate measures.

Russian Prime Minister Dmitry Medvedev said in an interview with Russian television channels on December 9 that Russia should end the favorable treatment regime in trade with Ukraine, which is on the verge of gaining associated membership of the European Union, on January 1, 2016.

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Politician warns Ukraine will face huge losses, job cuts due to ban on exports to Russia

"They should understand that a period, which we have chosen specifically for the purpose of further adjustment of our economies in order to bring the CIS (Commonwealth of Independent States) free trade zone rules with the EU rules, will end on January 1. We - the Europeans, Ukraine and Russia - have struck a deal of ‘three’, so to speak," Medvedev said.

For his part, European Council President Donald Tusk told a joint briefing with Ukrainian President Pyotr Poroshenko on Wednesday that the Ukraine’s free trade agreement with the EU would lead to Ukraine’s gradual integration into the European market. He promised that the EU would make every effort to make the free trade agreement with Ukraine come into force smoothly on January 1, 2016.

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