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Ukraine imports to Russia faces customs tax

Ukraine imports to Russia faces customs tax

MOSCOW: The Russian presidential decree to suspend the implementation of the Commonwealth of Independent States free trade deal in regard to Ukraine means introduction of customs duties in the most favorable regime, Russian First Deputy Economic Development Minister Alexei Likhachev said Wednesday.

Earlier in the day, Russian President Vladimir Putin signed the decree suspending the free trade zone with Ukraine starting January 1, 2016.

“Yes, of course,” Likhachev told RIA Novosti when asked whether the customs duties would be introduced.

Russia has repeatedly expressed concern over Ukraine’s free trade deal with the European Union, stating this could lead to an uncontrolled flow of European goods into the Russian market.

In 2014, Ukraine and the European Union signed an association agreement aimed at bringing Kiev and Brussels closer together, economically and politically. It seeks to create a free trade zone between Ukraine and the 28-nation bloc. Russia’s concerns over the implementation of the agreement caused the postponement of the free trade zone’s implementation until 2016.