Ukraine completely bans exports to Russia

The government has adopted a resolution banning the export of goods from Ukraine to the Russian Federation, the Economy Ministry has said.At a meeting on 27 September, the Cabinet of Ministers adopted a resolution "On banning the export of goods from Ukraine to the customs territory of the Russian Federation". The resolution will be valid until the day of termination or cancellation of martial law and termination of the Russian Federation's unfriendly actions against Ukraine."We continue sanctions pressure on Russia. This resolution is another one of many instruments of economic influence. We understand that sanctions are a means not only to respond to the military threat, but also to prevent aggression in the future. I would like to state that since the beginning of the war the export of goods to Russia has been de facto stopped. Now it is fixed at the legal level," Economy Minister Yulia Svyrydenko said.The government believes that this decision will not have negative economic consequences. After all, according to statistics, from March to June 2022, exports of Ukrainian goods to Russia amounted to $4.2 million. These were mainly ferrous metal products worth $4.189 million and chemical products worth $ 57,200.In addition, the export embargo will help Ukrainian companies that had contractual obligations to the subjects of the Russian Federation to establish legal clarity in the issue of non-fulfillment of contracts. And now they will be able to concentrate their activities on other markets.