It will come into effect only if the parties fail to agree on eliminating of economic risks for Russia in case of Ukraine's Association with the EU, Economic Development Minister Alexey Ulyukayev told reporters, Censor.NET informs citing TASS.
"This decision was made as a side-step decision. Both decisions - on possible introduction of regime of most favored nation treatment and on food embargo were taken as deferred decisions. If certain decision are not made until January 1, one of these decision will come into force automatically," he said.
The Russian government has decided to impose food embargo against Ukraine starting from Jan. 1. The decision was announced yesterday by the Russian economic development minister. Alexey Ulyukayev said that in case it was imposed, the food embargo against Ukraine would be similar to that applied to the EU countries. According to the official, potential damage for the economy may reach around $1.5 bln per year. However, Ukraine's Prime Minister Arsenii Yatseniuk said Ukraine estimates potential losses of Russia's food embargo in 2016 at $600 mln.
In mid-August 2015 Russian Prime Minister Dmitry Medvedev said that in case Kyiv accepted the economic part of the agreement on its association with the European Union supplies of agricultural products from the country to Russia would be banned. Back then Medvedev noted that Moscow gave time to Kyiv to solve issues related to economic regulation till Jan. 1, 2016.
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