KIEV, December 29. /TASS/. Ukrainian President Petro Poroshenko has signed the law On Foreign Economic Activity that vests the government with authority to apply economic sanctions against Russia, the website of the Ukrainian parliament said Tuesday.
The law was passed in parliament on December 24. In line with the document, the Cabinet of Ministers can take "additional measures" in case of "discriminatory or unfriendly action from a state deemed by Verkhovna Rada as aggressor".
In particular, the government will have the right to "impose a ban on foreign economic operations or restrict them" as well as cancel tariff preferences.
Prime Minister Arseniy Yatsenyuk said Kiev was ready for a tit-for-tat response if Russia imposed trade embargo from January 1, 2016.
Rada passed the document as a response to the Russian law on suspension of a treaty for creating a free trade zone with Ukraine as of January 1, 2016 in view of exceptional circumstances affecting Russia’s interests and economic security and requiring the adoption of immediate measures.