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Ukraine to make up for financial losses in Russia thanks to Europe — Ukrainian minister

October 02, 2014, 14:46 UTC+3 KIEV
Ukraine's acting Minister of Economic Development and Trade said that trade structure that Kiev had with Russia and the structure Kiev currently has with the European Union are different
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Infographics Ukraine’s debt burden Ukraine’s debt burden
August 29, IMF Board of Directors discusses the second tranche for Ukraine amounting to $1.4 billion, which was postponed due to instability in south-eastern Ukraine. The country received the first tranche in April 2014. Earlier, April 30, the IMF approved a two-year credit totaling $17 billion for the support of the economic program. Infographics by ITAR-TASS
KIEV, October 2. /TASS/. Ukraine will compensate almost fully for its financial losses on Russian market thanks to growing trade with Europe, acting Ukrainian Minister of Economic Development and Trade Anatoly Maksyuta told reporters on Thursday.

“I will open a secret which has not been made public yet. Our analysts have conducted a survey and have found that as for monetary flows we will make up seriously for losses on Russian market thanks to achievements on that in Europe. Almost fully,” he said.

Trade structure that Kiev had with Russia and the structure Kiev currently has with the European Union are different, Maksyuta added.

“I do not say that we started exporting to Europe the things we used to export to Russia," he said. Maksyuta said that Ukraine used to deliver ultimate products to Russia, but now several companies have increased their export of component parts for car manufacturers in the EU. 

He noted that in current situation it is extremely important for the country to avert migration of highly qualified personnel abroad. 

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