BOFIT Viikkokatsaus / BOFIT Weekly Review 2015/52
Russia also announced it would end its free-trade arrangements with Ukraine from the start of next year, when Ukraine’s free-trade agreement with the EU enters into force. In addition, Russia bans imports of Ukrainian agricultural and food products. Russia-Ukraine bilateral trade has contracted strongly since Russia annexed Crimea in 2014. In the first nine months of this year, trade with Ukraine accounted for about 3 % of Russia’s total imports and exports. Russia accounted for 13 % of Ukraine’s exports and 20 % of its imports. The EU’s trade share has risen this year to 33 % of Ukraine’s exports and 41 % of its imports.
The EU decided to keep its restrictions on Russian foreign trade and financial markets in place until July 31, 2016.